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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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The public pensions are the Democrats buying votes. The Democrats never think of fiscal responsibility.
Round boy will probably not sign the bill and just let it become law. That way he can say his hands are clean.
Plain and simple, they cannot afford it. Just say NO.
Astoundingly Johnson and alderman are silent on if they support this TIER II ‘fix” or not, or most importantly how it could ever be paid? Astoundingly press has never asked city pols if they support or not? All one can infer from excellent City that Works article is link to BILL STATUS/ WITNESS SLIP where city chef financial officer Jill Jaworski clearly votes “opposed” and therefore you assume Johnson is “opposed”….THAT’S IT FOLKS!!! (https://www.ilga.gov/Legislation/BillStatus/WitnessSlips?GAID=18&DocNum=3657&DocTypeID=HB&LegId=162421&SessionID=114&legdocid=205065&tabname=opp) It’s simply astounding that this receives so little attention and that city pols are allowed to get a pass by not even being asked how dopey… Read more »
AND another 50 billion in Illinois pension debt.
Bingo, this is a test, if it passes next move is to implement it statewide.
It would be just another can kick, similar to the myriad of can kicks Illinois and Chicago are famous for, except on a much larger scale. When are the needs of the taxpayers ever considered?
The needs are considered with every vote and every budget passed. Some voters want more spending and others, like yourself I’m guessing, want less spending and lower taxes. The people that love all that spending have more votes so the elected leaders choose to listen to those taxpayers. If more voters aligned with you, perhaps you would start to see elected leaders spend less and lower taxes.
“The needs are considered …” In one sense, you’re right. I worked in an organization where part of my job was to respond to customer concerns. If my response included “(My organization) will consider (your suggestion),” that was usually doublespeak for us not planning to change course.
PPF, and a lot of Illinoisians, like me, are voting with their feet and just leaving Taxistan.
I left over 20 years ago and my bank account is $250K fatter because of my smart financial decision.
More and more Illinoisians are tired of da pension RACKET in Taxistan and are doing the same thing.
Good for you. It sounds like you decided to take matters into your own hands instead of wallowing in self pity. Others have decided to remain and help grow tax revenue. Illinois tax revenue has grown in the last 8 years from $37 billion to $55 billion. You’re happy and those that are staying are happy (or happy enough not to leave) and keep contributing to the Illinois economy.
Everyone wins.
For all her faults, at least Lori tried to fight for taxpayers against pay-to-play Martwick & all the machine goons (with added 3% cola for cops) ….not are fake progressive/ “new machine” Brando, he’s happy to keep silent, he knows his place!
The press grilled Lori but not Brando??