-- 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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A U-Haul will solve the problem. Call a mover today and start a better life for you and your family. Illinois is DOA, no hope. Even the cops, firemen and teachers with the HUGE PENSIONS are running out of Illinois.
Last man standing will be a dead man. 83 Degrees and Sunny in South Florida, NO state income taxes. Freeze you a$$ of in poverty or start a great new life.
The Panic of 1796–1797 was a series of downturns in Atlantic credit markets that led to broader commercial downturns in both Great Britain and the United States. In the U.S., problems first emerged when a land speculation bubble burst in 1796. The crisis deepened when the Bank of England suspended specie payments on February 25, 1797 under the Bank Restriction Act of 1797. The Bank’s directors feared insolvency when English account holders, who were nervous about a possible French invasion, began withdrawing their deposits. In combination with the unfolding collapse of the U.S. real estate market, the Bank of England’s… Read more »
Who is dumb enough to still believe the root cause of the pension debt is the employer not making its required pension contributions.
What just happened in the CPS strike?
Pay was hiked while pensions were underfunded.
Instead of pay hikes, that money should have gone to better funding the pensions.
Ditto the sick day benefit hike, since unused sick days have a monetary cost if cashed out or exchanged for years of service credit.
The Tax Foundation shows the obvious problem: the feds may have put money back in corporate coffers but those companies can move to other states. Once the tax pain is great enough, they may very well leave.
An already-heavy property tax burden that limits the city’s ability to raise revenue without driving out more residents and businesses
Plainfield is one of nine Illinois communities where the housing market could turn sour, a new report says.
There is no defense for this. The number of sick days offered each year has always been more than enough that no accrual or carryover is required. So either teachers are taking sick days when they aren’t sick or they are coming into work sick when they should be taking a sick day. Journalists across the spectrum should be grilling CTU on this.
incredible abuse of the IL taxpayer
Fantastic writing Mark!!