-- 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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Not one Democrat EVER speaks of ‘stewardship’. Not one. All about the pork pie for public unions.
This is only the beginning of the end of Chicago and Illinois. The Pension debt is rising fast and going much higher this year. Taxpayers make up for all loses. Taxes will keep going up, up and away, this is what the numbers say. Large pensions (at young ages) with 3% annual increases for 30 plus years are not substantiable at this taxing level. So, expect taxes to keep going up at a large rate for generations to come. There is no end unless the state and city go bankrupt or you leave the state as millions have already.
Just had three more relatives move to FL. One was a FL college grad who I never thought would leave but learned a lot about financial realities of FL vs IL while going to school there. When the youth starts leaving…..
Suburban Cook County only exists to be taxed to fund Chicago. I wish the suburbs would try to leave Cook county and be annexed into surrounding counties. That is the only way suburbs will get representation in county government.
Well the Illinois voters have to pay for the spending that they wanted. What a novel idea people having to pay for what they have demanded and voted for.
Agreed RB. After they vote for all the leaders that want to recklessly spend, they then complain about the bill. But it’s not the voters fault. Elected leaders should just perform miracles and spend more and tax less. It’s the corrupt machines fault. Voters aren’t to blame one bit.
The never ending refrain of the public sector- we can’t help it! It’s not our fault! It’s the voters . It’s society. Not enough money. Not enough taxes. On and on ad nauseum.
The fault lies with those who line their pockets by selling delusional fairy tales to the vulnerable.
If you don’t like all the spending and want your government to be more fiscally conservative then you should vote for candidates that support that. Instead voters continue to vote candidates that wan to spend more money, they pull the lever for candidates that want sanctuary cities and choose leaders that pay for illegal immigrant health care. You can blame hard working police officers and firefighters all day long. They are not the problem no matter how many times you whine about it. Imagine thinking police officers are “lining their pockets” because they negotiate for their wages and benefits. I… Read more »
Police and firefighters don’t get paid for selling mass delusion, do they? Only some people paid by public funds qualify into that category. Let’s see…
Somebody has to foot the bill for the parasitic “ dreamers” welcomed to IL and the folks drawing a” guaranteed income “.
You are wrong about Dreamers. They are the ones who were minors when their parents brought them in. Today, they often have no connection whatsoever to another country and sometimes only speak English. Even Trump has indicated they will be protected.
I believe it was Pelosi that categorized many of those pouring over the border post- 2020 as “ dreamers” in the typical Dem fashion of putting a smiley face sticker on a pile of poop. I guess that I should know better than to take anything she says as even being marginally based in the truth or reality.
The term Dreamers is now usually used the same as DACAs, which has a precise definition you can easily find. They are currently protected by an executive order barring deportation, though they they are, technically, illegal.