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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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Need an automatic escalator locking in pricing increases for the RTA and not stick it to the rest of the state that doesn’t use it.
Not a single mention of any cost cutting or efficiencies. Only various additional taxes and re-arranging the deck chairs on the Titanic. And Pravda (Sun-times) doesn’t even ask the question about efficiencies, but talks about concerns over restaurants. One could almost think it’s a vast conspiracy to keep you slaves fat, dumb and content with your bread and circuses while they quietly steal your wealth in ways you may not notice. If you’re a producer and not a leech you probably wonder why you can’t get ahead. You’re swimming against a tax under-tow you don’t see. Swim sideways. You may… Read more »
Or….they could get the knife out and right-size the budget. Why does it always come down to raising taxes?
A good start would be to close as many schools as it takes to fill up the remaining schools. Then sell those buildings, ideally to the Teachers’ union because they think they own them anyway. Over time, this budget will feel more comfortable, because the Chicago population, and the school enrollment, will continue to fall. It’s not going to magically turn around…..certainly not with Democrats running it.
Time for some realism and some real leadership.
It’s so hard reading and writing about how stupid and pathetic this mayor is. Is anyone else worn out ?. Thanks Stacey for putting this braindead Pinhead in charge