-- 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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It’s only a crisis for taxpayers. The democrat masters are not losing any sleep whatsoever over it. They know they have Illinois locked down from every angle. No need for them to worry.
Perfect analysis.
Here’s an article about Walz about cooking the books for pension funds in MN. Is this happening in Illinois? My guess is the books here in Illinois are on char broil. I’ve been saying this for years. Someone needs to look at pension management fees. And we wonder why property taxes are so high.
https://www.foxnews.com/politics/minnesota-teacher-pension-fund-under-walz-accused-cooking-books-unrealistic-gains-low-fees
I have some extended family member in Minnesota. They have a similar pension plan, where they get 3% COLAs based off a base of the ‘highest five’ years of salary. Seems unsustainable.
Brought to you by the extreme liberal progressive leadership of Illinois.
“You get what you pay for” doesn’t apply to what we pay to those we elect to serve us. A special case of buyers’ remorse when you consider how few (and how ignorant) the voters. it’s sufficient to fool some of the people some of the time.
This unfortunate situation will only get worse as time goes on because of the state pension underfunding issue and the desire to continue State spending. The pensions are guaranteed to be paid due to their Constitutional protection yet at the same time, rather than building the fund to pay the obligations, other new spending projects continues unabated. As an example I personally thought the immigrant spending was the ultimate squandering of Illinois funding but then just the other day I read here about Illinois’ new expansion of Medicaid spending into social programs that “State officials said they do not have an… Read more »
The housing crisis is an insidious form of income and wealth redistribution. Force responsible people out of home ownership so that houses end up being foreclosed for unpaid taxes or mortgages. The “displaced” people become tenants and demand more legal protection so as we now see, squatters and those who can’t or won’t pay rent occupy the houses and apartments. The displaced have few assets from which a landlord could collect and the courts [and judges and prosecutors] and lawyer costs become as effective as actual bankruptcy. Short-term thinking among politicians and many in the business sector divert attention from… Read more »
Mysterious taxes on utilities are also another way of paying the bills for those who won’t. A cell phone representative admitted as much to me in private.
Go Green is also costing us a LOT OF MONEY!