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"It doesn’t have to be this way."
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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This is scary stuff. It’s like Lightfoot took off her mask and revealed herself to be the Joker in Gotham City.
There is no democrat in this state that will ever buck the public employee unions. No one. And given that no republican will ever be elected here, either, there is only one outcome that Chicago is headed to: insolvency. Bankruptcy will not happen because the unions will not allow the legislature to pass a law allowing for bankruptcy. They want their pensions paid until the very last day until it all collapses. Then they figure that the Illinois Constitution will take care of them before any bondholders, who will all be wiped out. If you lend to Chicago/Cook County/Illinois, you… Read more »
This is best and most dead-on comment seen on this board. Absolutely correct . Unions own IL and all the reptile politicians (that are supposed to represent the tax payers). No chance for any meaningful reform no chance . Market will take over eventually but until then the taxes will sky rocket across the board.
Insolvency not coming any time soon. Expect lots of decay before pension get cut. We are a generation away, or more.
Union teachers better expect lots of decay in their classrooms. CPS will never be able to buy new $100 textbooks so I wonder what they’ll do for books. Watch on you-tube “WAND TV NEWS I-TEAM: The ABC’s Of Our Crumbling Schools”
My elementary school playground – where I grew up – is over 30 years old. How many monthly pension payments does it take to replace a playground? Meanwhile, as the infrastructure decays, the wealthier residents move out, and are replaced by poorer folk (usually illegal and legal immigrants), aka reverse gentrification, and drives down property values, results in less tax revenues, shutters retail, and the cycle of decay continues unabated 30 years after I left.
You are correct in stating that unions own Illinois. Total public unions employees and retirees are approx 7% or so of total population add in family members maybe 13%. Illinois government represents only the 7% plus family. (To me that goes against all the principles of our Constitution basically to make laws that benefit ALL the people). That leaves 87% of us are responsible to take care of them for life with pensions and healthcare because of behind closed door deals never open to any public scrutiny. It boils down to this. Unions are organized and taxpayers are not. Without… Read more »