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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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I hate saying it one hundred times, but this is entirely completely the fault of one party – Democrats. But keep voting D because Orange Man Bad!
This site is dedicated to the fact that Illinois is in economic trouble because of Illinois pensions debt. As such the backlog of bills is related. The constitutional amendment protecting pensions was introduced exclusively by 4 Republicans. It was passed by both Democrats and Rebublicans and voted on by the people of Illinois. The people own it. https://www.chicagotribune.com/news/ct-xpm-2013-09-22-ct-met-public-pensions-1970-20130923-story.html Gov. Thompson (R) signed off on the pension automatic annual cost of living adjustment of 3% regardless of inflation. This was supported by both D’s and R’s. https://www.chicagotribune.com/columns/eric-zorn/ct-edgar-ramp-illinois-pensions-zorn-perspec-20160614-column.html Gov. Edgar (R) reformed pensions with the now famous “Edgar Pension Ramp” that almost… Read more »
Yet, while the Republican Govs have come and gone, the only constant during all of this was a fully Democratic controlled legislature, led by one man, who effectively controlled both houses, for 40 of the last 42 years, this man was and is a Democrat, and he’s now 77 years old. Go ahead and blame a R governor here or there, or the Edgar ramp or Thompson ramp that passed both Democrat controlled legislature houses. All they did was sign the bills by a Democrat controlled legislature. I wasn’t even alive in 1970 when the pension amendment to the constitution… Read more »
So your point is that as long as D’s are in charge of the legislature I shouldn’t vote for a Republican Governor. Got it.
I never once blamed just Republicans. I said they both own it along with the voters. Be honest though…Republicans sponsoring the constitutional amendment in 1970 is definitely more than 5% of the problem. Just because you weren’t born yet doesn’t absolve them of their culpability.
The Thompson Ramp (PA 86-0273) was pased in 1989 when Democrat Philip Rock was Senate President and Democrat Michael Madigan was House Speaker.
The Edgar Ramp (PA 88-0593) was passed in 1994 when Republican Pate Philip was Senate President and Michael Madigan was House Speaker.
Pate Philip was Senate President for 10 years from January 1993 – January 2003, during which time obviously the Republicans controlled the State Senate.
Both political parties contributed substantially to the pension mess.
I will concede that ‘both sides’ contributed to this mess, but I will not agree that both parties contributed substantially, given the control the Democrats have had over this state the last 40 years. Democrats have been in control more than Republicans and Madigan has been at the helm through all of it.
Without a doubt Republicans substantially contributed to the pension mess and the beauty of it is they have you thinking they did not.
As soon as as you concede that ‘both sides’ are responsible, then there is no way that ‘either side’ can fix the mess. Democrats have shown themselves incapable. Republicans have not had enough power in much of my lifetime to do anything. Rauner was a lame duck on day 1. I’d at least like to give the R’s a chance, because I know D’s can’t. If you say both are resposible, then there is no othe rparty which can resolve the mess.
Now you are better understanding the situation.