-- 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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PAY, PAY, PAY. If you do not like it MOVE ASAP.
Higher taxes are coming your way, they will be never ending increasing.
Greedy Cops, teachers and firemen have destroyed the quality of life for the honest working taxpayer.
No one in their right mind would put up with what the honest hard working taxpayer has too in Illinois.
U Haul is the only answer, the sooner the better.
Wow – expected pension payouts of $1M or more during retirement
$1M might be for the person who cleaned restrooms for 20 years. For many teachers, you’re looking at $5M or so, for those who live to enjoy 30 years of retirement. 30 years is entirely possible, given that many of them retired in their 50s. If you don’t believe the $5M, check out what salary they’re retiring at, and keep in mind the three percent pension increase compounded annually.
Top pensioner in Illinois is making close to $630,000 this year and if he lives to 85 will collect approx $21,000,000 from total contributions of around $775K. On the BGA website scroll to pension database or salary database for more info. http://www.taxpayereducation.org also has lots of info.
By contrast, this articale states out of 30 million fidelity accounts there are just 200,000 401k millionares (.7%)and 182,000 ira millionares (.6%). And most of those funds will be taxed upon withdrawal. Unbelievable https://www.cnbc.com/2019/11/14/the-number-of-401k-millionaires-hits-a-record-high.html
Hey, over at Capitol Fax, they say the pensions just make people ‘middle class’.
At the TRS Illinois website teachers working and retired provide $16.1 Billion in local economic stimulus. What they don’t say it is by redistribution of wealth that they are able to do so. At their website click newsroom and scroll down to TRS members boost economy. Lots of good info.