-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The insurance actuaries base their ratings on numbers only with the goal of making a profit for the company. Charging the 60ish retiree driving around Elwood or Seneca the same as a youth in his teens or 20’s doing donuts at 59th and Ashland the same rate is a sure way to chase insurance companies away. This is just another disguised tax on the responsible class.
Back in the late 1970’s Illinois had a law allowing police to impound a car if the owner did not have car insurance. The law ended after about two or three years because it had a disproportionate effect on minority drivers. It would be interesting to know if the company that runs Chicago’s speed camera/red light camera program sells the data it collects on violators to the insurance industry. Perhaps that is why certain zip codes are paying more in premiums…anyway those that have insurance in those zip codes.
“the usual gang of idiots “ are at it again.
Chicago is the problem and Ginoulous is not the answer, I don’t live near the big stink
Hole but I get jammed for a fee?
Figures that they let the good drivers take the hit rather then the illegal and uninsured
Drivers get hit. Poor pilgrims can’t pay they
Don’t care because they don’t have insurance, end of story.
LOL this is pure stupidity. Liability aka “one’s driving record” is only one a dozen different vehicle insurances. There’s comprehensive, like when a thug breaks into your car, or collision, when someone else with a bad driving record hits you, there’s uninsured motorist coverage, because half your neighborhood is probably uninsured, and so on. You should pay higher insurance if you live in a higher crime, higher accident neighborhood with large numbers of uninsured and illegal drivers.
And cue the tears from horrible, irresponsible drivers that get higher rates as being victims of racism. My accident free history did nothing to keep my insurer from trying to raise my rates $600/ year at renewal in February. I was given the explanation that it’s because I live in IL.