-- Connecting the dots between our economy, government and business --
Last-minute changes approved by Illinois lawmakers in the waning days of the session will cost Chicago taxpayers tens of millions of dollars in their first year and billions over time by giving some police officers and firefighters more lucrative pensions.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I guess spending hundreds of millions of dollars on illegal aliens has consequences. Cnicago, run by idiots who were voted into office by idiots. Let the idiots pay the bills and quit complaining. Vote democrat and destroy your city, county, state and country.
Both Republicans and Democrats supported this bill. It must be a good one to have such bipartisan support. Who’s next for a tier 2 upgrade? Time to get to work CTU!
How do you spell “Doom Loop?”
Chicago predominantly voted for the clowns. Need to stop blindly pulling the blue lever
Article continues to repeat lies about pensioner harm, yet they have yet to actually prove it. Now the lie is they need to sweeten pensions because something ‘may’ happen. Just call it what it is – more unearned benefits w/o any means to show how it will be paid. So the ongoing annual budget crisis created by the majority Democrats will continue.
Chicago will go bankrupt.
Correction should have a LONG Time ago!
Chicago will never go bankrupt. There’s not a politician alive that will ever admit defeat.
Somebody gets it.
If politicians won’t admit it then it can’t happen? In that case, why even worry about budgets?
Hey , what’s a few million more when the city and state are up to their neck in billions of debt?
That seems to be the predominant attitude in Illinois.
Once again, if JB doesn’t veto this horrible gut & replace shenanigans bill by top machine weasel Martwick & crew rest all public sec union will demand the same TIER 2 “fix” deal in a year or two with no current new revenue source to pay for it on top of everything else. People criticize Brando for being non-existent presence in Springfield budget negotiations, but that’s clearly not the case as, he’s looking out for his machine base from, “new machine”-CTU to “old machine”- FOP, all along. Interesting, true but naive progressive Lori, tried to put up a fight……….once again,… Read more »
Will the resisting Donnie show provided political cover for JB to avoid a veto and upsetting his public sector friends? And shaft dopey chumbalone Illinoisans BIG TIME!!