-- 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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When it comes to the CPS & the CTU it is all about MONEY, not a thing about education.
Illinoisians, The pension Racket in Taxistan will continue and your taxes will keep increasing for your lifetime.
The sooner you realize this and vote with your feet the richer you will be.
I voted with my feet over 20 years ago and my bank account is $200,000+ fatter because of my smart financial decision.
Do I miss the high taxes, public sector union grifters like PPF, the Dem corruption, the terrible winters for 6 months of the year? Heck No!!
Don’t wait, get the hell out of this fiscal black hole of a state!!
Oh, the good old days of mayoral control of the school board are back. On the other hand, I do miss Board members dressing for success instead of a rally. Yeah tee-shirts! Way to show the kids!
Who gives a crap whether the school district uses tax money to pay the damn city of Chitcago their tax money to pay the unsustainable pension programs approved by the democrats and made law by Madigan. It is just moving our money from one bucket to the next and then they pat themselves on the back for taking care of business. Neither the City of Chicago or CPS board give a crap about the people of Illinois.
The people of Illinois approved these pensions through the constitution. The Republicans sponsored the pension amendment and the voters approved. The people aren’t getting screwed they are getting what they voted for.
By “they” you mean in 1970, 1,122,425 voters in a special election with 37% turnout voted to amend the constitution, apparently in a way that can never be unamended. It won by 55.5%. That was 55 years ago. Keep in mind the voting age in 1970 was 21 – not 18, which didn’t come into effect until the following year, 1971. That means the YOUNGEST person alive today who voted for pension amendment in 1970 is 76 years old today. Very few of the ‘people’ who voted for this amendment are alive today and therefore cannot get what they voted… Read more »
Silly argument. Should we apply that same logic to the 1st or 2nd amendment of the US Constitution?
The people of Illinois are getting exactly what they voted for. Nothing is stopping them from electing leaders that will ban pensions going forward. You just can’t go back and steal from people that you have a contractual obligation to.
The people NEVER voted for these HUGE PENSIONS (at young ages) and never would. The public sector has destroyed Illinois for generations to come. The Public Sector Unions Run Chicago and Illinois and do not care about anything but money. Old Illinois was great, new Illinois SUCKS.
They voted for their representatives. They are getting the government they deserve no matter how many caps you utilize. They voted for the pension amendment. They voted for amendment 1 to solidify union strength. They voted for politicians that want to change tier 2 pensions to tier 1 pensions. They are getting exactly what they voted for.
You might as well be pounding on your soapbox demanding that taxpayers provide the unicorns they voted to give every public employee. What is the debt per capita now in IL? About $32k per capita?
But it’s what the voters want!