-- 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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The pensions are far too generous, and the annual raises are far too generous and at very young ages. No one can possibly afford this kind of payments. The numbers do not come close to adding up. This is a crime against humanity.
I favor anything that advances bankruptcy of CPS and other union dominated districts. If that means Chicago too (or the pension system itself) must Ride the Nine, what’s not to like?
A larger burden on taxpayers and less money for other spending isn’t a valid reason to violate a pensioners contractual terms. Even with a constitutional change, these reasons don’t meet the “necessary” requirement when courts allow contractual changes.
”Your honor, if you don’t let us steal from pensioners, we won’t be able to cut taxes.”
Good luck with that argument. lol
PPF,
Higher and Higher taxes = More and More Illinoisians voting with their feet.
Good luck dude.
Oh yes, the classic “everyone will leave” argument. illinois is still the 6th most populated state in the country since the 1960 census. You would think with everyone leaving that would have changed in the last 75 years. Yet, here we are.
Good luck with that argument. People have been pounding that message for years and nobody in power is buying it.
Take away the 550K ( known ) migrant workers and then see where IL stands. U Haul isn’t fibbing while they are making serious bank as people flee IL, NY, CA and other overtaxed, blue pukeholes. Believing in whatever the state and their favorite bitch , the media , feeds you is foolish.
Take away the over 2 million undocumented workers in Texas and over 1.5 million in Florida then Illinois gains population over those 2 red states by a significant number.
Well, let’s see. If you took away 500k from Illinois population the state of Illinois would still have over 12 million people. That would put illinois in…. 6th place. The same spot where they have been for the last 75 years. The good news is that those illegals tend to reproduce at much higher rates than US born citizens. Perhaps those illegals will help provide additional population for Illinois with their future citizen children being born in Illinois. Either way, tax revenue in the state continues to grow despite all the claims that “everyone is leaving”. Plenty of people and… Read more »
The state’s own numbers show that we are dragging down the nation. Given all the natural assets, we inherited, that’s shameful.https://wirepoints.org/new-reports-show-illinois-is-a-drag-on-americas-economy-and-continues-to-be-a-net-taker-from-the-federal-government-wirepoints/
Yes Mark, Illinois could be doing better and should do better. That doesn’t mean everyone is going to leave as many of the commenters and you have alluded. My point is with all this talk of population loss Illinois remains the 6th most populated state in the union and that hasn’t changed since 1960. Illinois now has revenue around 53 billion instead of 36 billion in 2018. Yes, they could and should be doing better but once again everyone is not leaving and Illinois is bringing in plenty of revenue. We just need to cut spending where possible and start… Read more »
The “biggest states” thing doesn’t really tell you anything. Illinois population went from 4.4% of America to 3.6% today. That’s pretty stunning.
Yes. Could be doing better as I said. Yet still plenty of population and plenty of money.
The 2020 census confirmed that Pennsylvania moved to the fifth most populated state, ahead of Illinois.
PFF ABSOLUTELY COOKING! Downvotes are salty because you’re right.
“Your honor, we must pay pensioners every dime of their inflated pensions, even if it means we can’t provide basic services for the current residents of our communities. Pension uber alles!”
LOL
“Yes, I agreet. You would think that would have been clear from the last ruling yet the GA is again attempting to steal from retirees. If the GA is looking for areas to save money, perhaps you can read the WP website where they have outlined some wasteful spending areas. Perhaps you can close underutilized schools, stop spending money on illegals, and consolidating government agencies and school districts. We realize raising taxes and/or cutting spending is always politically difficult but if you could get out of your debts and contracts every time it was politically difficult then contracts would have… Read more »
Banks negotiate with debtors. So do credit card companies. Even the IRS negotiates.
Who never negotiates debts under any circumstances? Mobsters. And public unions.
You’re hyperventilating.
Stealing from people is not negotiating. The unions are not in charge of pension negotiations so you will need to go directly to pensioners. Unions have no rights to negotiate any of those benefits away. Blaming unions for something outside their scope just demonstrates how little you know about the subject matter. How are you going to get pensioners to agree to these cuts. You do understand that an agreement is necessary when negotiating? What are you offering them in return? Why should they agree to those cuts? After you present your sob story about high taxes and other budget… Read more »
I understand. You will keep thundering about how righteous you are to demand your pound of flesh. Shylock was not the hero of the story.
I understand as well. You can’t answer any of the questions as to why a pensioner would accept a reduced pension and you admit you were just trying to steal from them. The state stealing from pensioners won’t make them the hero of any story.
IMO the tough decision all Illinoisians now face in Taxistan is pretty simple.
Stay and Pay more and more in taxes to fund the pension racket the Dems and their masters the Illinois public sector unions have hoisted on you.
Vote with your feet like I did over 20 years ago and put an extra $200,000 in your bank account.
Thumbs down from five welfare recipients that had to adjust their lifestyle.