-- 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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Examples of drastic measures include layoffs, reducing salaries, reducing pensions, and reducing other benefits. I didn’t read about any of those measures being considered. Therefore, recommend changing the title of the article from “Chicago is taking drastic measures to reduce its deficit” to “Chicago is taking wimpy measures to reduce its deficit.”
Drastic? You mean the elimination of all UNNECESSARY travel for the rest of the year? Shouldn’t unnecessary travel be forbidden period? The dysfunction is mind boggling.
Chicago is actually a poor city. Most residents and neighborhoods in Chicago have a below average income. This is in stark contrast to the extremely wealthy lake shore and northwest side neighborhoods and give the facade of Chicago’s wealth. The poor neighborhoods don’t any more money to pay, they are tapped out. The real money is finding a way to tax the Lincoln Park and Saugangash and West Loop residents who seemingly have unlimited amounts of money to pay $1,000,000+ for their homes and condos. The billion dollar question is how much more financial pain will those residents endure before… Read more »
Read the Article . Pretty sure “The Week” is a fairly left wing publication. But the fix was to raise taxes which was somehow “unavoidable” this will be Johnsons rationale . He will lay out scape goats. Springfield, Republicans. Since we all know how powerful Republicans are in Illinois and then with deep regrets and much blame will sadly increase taxes. BTW Milwaukee has also seen some of the nation highest increases in rents in the last several year.
If you look at the 20 million illegal aliens who have entered the United States in the past three and a half years, the increase in the federal deficit is one TRILLION per year continuing forward. The only solution is voluntary self-removal or involuntary removal by ICE or DHS. Involuntary removals have been used three times in the last century. Hoover removed illegal aliens during the 1930s; Truman used removal of illegal aliens after World War II during Operation Wetback I and Eisenhower used World War II liberty for mass removal of illegal aliens after the Korean War during Operation… Read more »
How about eliminate Sanctuary Status and let ICE remove illegals, that’s already well over a 1/2 Billion.
50% headcount reduction in all departments except fire and police, sell the airports, close individual schools until no school is below 80% utilization, charge the entire CTU 1 leadership with RICO and begin the process to create a public-private partnership to change the way education is done here.
“Drastic measures”? The author forgot to tell us what the drastic measures are. That’s because there aren’t any. A hiring freeze– for a budget that already has bloated personnel expenses? And a travel freeze– so bureaucrats can’t take a bunch of unnecessary out of state travel. Whoop de do. How about some serious budget cuts across the board. And CPD reductions to save some material amounts in the already outrageous expenditures per pupil. None of that is mentioned.
That’s CPS–not CPD