-- 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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Pensions are like a cancer. This is the largest generational theft in history.
Look up 7th Circuit court case and the US District Case.
Folstad v. Illinois State Board of Investment, 876 F.2d 107 (7th Cir. 1989)
Sometime after 1987, According to Sherman Skolnick, Nancy had documents showing there were $200 million missing from the Pension Fund. The evidence apparently showed that the brokerage firms the State dealt with had pilfered that amount.
In 2024 “unfunded liability” $143.7 BILLION???
Yes, the debt grows but apparently there is enough money to spend on illegals and baby killing. Assuming the unions don’t work their magic and short change their members on their pensions like unions are known to do (i.e eligibility requirements), when the liability comes due this group of dems won’t be around. They don’t care what happens now while they are in office, leave alone then. The mopes still in Illinois when that happens will have to pony up since they were too dumb to leave. So yes the pension liability is growing, but not for those of us… Read more »
Not a day goes by without reading an article about Illinois’ public sector pension problem. Yet, over the decades, there has been little to no action from lawmakers to address the issue meaningfully. Until a leader emerges with the courage and perseverance—like our newly elected president—to confront the problem directly with both unions and voters, the discussion will remain mere political gaslighting. Without decisive action, this issue will persist until the state faces inevitable failure.
Right. The only thing coming for IL pensions is an increase in benefits and cost. That will be to fix the Tier 2 problem, though the fix may well go beyond doing the minimum necessary to solve the legal problem.
JB the Hutt will fix it with ‘investments’ in battery bus companies and tiny homes. Just you watch.
The rest of us will manage our investments prudently.
When it comes to business strategy, JB struggles with even one-dimensional checkers. If he and his family hadn’t inherited their wealth, they’d likely be living in the basement of a two-flat in Chicago.