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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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In case you are a Chicagoan which translates to naturally clueless, you will notice that it is more important to Mayor pinhead to separate you from your money so that he can spend more of it fighting ICE agents and supporting illegals. You are meaningless to him. Enjoy the abuse.
The time of talking is over, listen, watch
and vote. Don’t like current party get together and vote them out. Don’t like the state, move out if you can. Can’t move out of state, move as far west as you can.
good luck
There is so much excess fat in the city budget Ozempic couldn’t fix. You need a private firm to go in and assess the situation and make the cuts. Political jobs are hard to cut
A LOT of city services could be outsourced, including police and fire.
How about a serious cuts and changes in the pension system. Making almost all public sector multi-millionaires at a young retirement age is unaffordable for the taxpayers. Retiring at ages 50 to 55 while the taxpayers cannot afford to retire is no fair by anyone’s standards. Do not start paying pensions till age 67 and then at a much lower number than the current amounts.
This is has been hashed, re-rehashed and re-rehashed countless times here. You’re not bringing anything new so far. Where’s the “value added” part of your participation? I should add there are at least two ways you’ve stretched the truth of the argument to gain the attention of people who don’t know better. First, you’ve used the term “multi-millionaire” cavalierly in a way that it’s not normally understood. A person has been considered at that level when his net worth equals at least two million dollars at some point. You are using the oft-given version here that a person reaches that… Read more »
Some things deserve repeating! Things can and do change. Many remind us every week that bankruptcy can make things better by releasing union chokeholds on the economy. Informed voters can out vote single self interest groups once the majority is informed via repetition. Time to rewrite the CTU’s monotonous mantra about COLA and solidarity forever.
Some people may not like it, your response is
right on target.
Good Job!
Who says there’s no sanity clause at this time of the year?
Pure propaganda. Dems never do belt tightening, simply because they’re only in it for money and power. They NEVER accept less money and power. Never.
Agree this looks to be a puff piece to suggest that the current administration is boxed in. They never really touch on what has / is happening at the schools. Thousands of permanent jobs added there as part of the Covid temporary funding from DC. Those have not been cut, and many huge schools are still fully open with 100 or less students. The residents property tax bills also have line items for school costs. So if the schools were managed prudently, and property taxes for schools went down, however property taxes for the city went up by the same… Read more »
TIF = slush fund.