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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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lol the guv forgot to mention that the local government distributive fund was reduced by the state from 10 to 6 percent in 2011 woof, this guy doesn’t take criticism well
This is all about the Pritzker For President 2024 campaign “Financial Genius Pritzker Cuts Taxes!!!!” Mainstream Pravda media will eat it up.
I have a better idea get rid of Pritzker period.
Last month Granite City completed the sale of its water treatment plant. Granite City Mayor Mike Parkinson, stated that “The driving force behind it was the city has $100 million in pension liabilities that have to be covered.” Many cities are cash strapped by underfunded pensions issues similar to the State by having assorted feel good spending programs while ignoring the proper funding of the pensions as well as needed infrastructure improvements to the systems. The bell is now tolling and the proverbial stuff is hitting the fan meaning the cities need each and every penny to where they are… Read more »
There has to be across the board layoffs – that’s the reality of having waaayy to much government all over. The porkfest has to end.
Not sure on layoffs but one thing for sure the existing workers at the water treatment plant will no longer be in the state pension system, will work in the private sector and of course the howls regarding it all have and are being heard. My guess is this type of situation will be heard in small cities across the State and these issues can be traced to the voters who voted for it all to happen. Enjoy your other niceties Granite City voters because now you will pay for them each and every month…another Illinois story as the beat… Read more »
It doesn’t have to end if the voters don’t want it to end. More taxes is always a choice and Illinois voters seem to like that better. The luau will continue until the voters squeal like a pig.
St Pats day reminded me of the 11% sales tax on my corned beef and cabbage meal with green beer. Then I filled up for a mere $3.80.gal, much of which is a record high state and local sales tax. Our family cell phone bill has the highest taxes in America. The cable also. Then a solar panel sales rep came buy and went into detail how Pritzker and Democrats raised the taxes and fees on my power bill so I could apply for subsidized solar panels, and will penalize the power company if they don’t reach some arbitrary green… Read more »
The better question is why did it take JB over 5 years to figure this out? Why didn’t he campaign on this in 2018? It was just as unfair then as it is today.
What a putz, get rid of the grocery tax? This is a personal insult to all the taxpayers In this sorry state. Drop the property taxes by 50%, drop the gas taxes by 50%. Take your fat hand out of our pockets. Drop the utility taxes that keeps our gas and electric charges higher. Cut the cell phone taxes. Then you can tout your grocery tax. This is what will happen if Pritzker runs for the presidency, he will drop a penny in our pocket with his right hand and take a hundred dollars out of our other pocket with… Read more »
SHOULD HAVE VOTED FOR DARREN BAILEY……WOULD BE IN BETTER SHAPE BY NOW!!! HE FOLLOWED TRUMP POLICY AND WE ALL KNOW HOW WELL THE COUNTRY RAN FOR 4 YEARS!!! HE WAS NOT BORN WITH A SILVER SPOON IN HIS MOUTH
Not surprised the suburban mayors are complaining about proposed removal of grocery tax. Yup, those suburban municipal budgets need every last cent that can be collected via taxes, fees, and fines. Why? Because many, if not most, Chicago suburbs have highly-compensated employees and generous pension funds that need reliably-paid taxpayer funds, year after year, from unquestioningly obedient taxpayers. Many Chicago-area municipalities pay their public employees stunningly generous salaries and benefits, their department heads receiving take-home cars, free gas, and/or credit cars too. Most of their resident-constituents have no idea the extent of largesse granted to their suburban municipality’s employees and… Read more »
Doltons mayor is a thief and deserve to get
An all expenses paid vacation for 10 years in the big house.
She believes in Brandon’s chant, first we get
The money.
It’s not just Dolton. Go look at Glenview’s payroll and benefits, particularly to department heads. Same situation in other Cook County, DuPage, and Lake County municipalities.