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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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Bankruptcy? Gerald Ford to NYC mid-70s, “Drop Dead.”.
Yes and they should then revert to a territory with a governor like before admission to the union. They’ve proven by their bankruptcy that they can not manage their affairs.
Unless I am mistaken there is no provision in the US Bankruptcy code for a State to go bankrupt and as the judge said “no bankruptcy mechanisms exist for countries or U.S. states like the one Puerto Rico was granted.”
Like it or not, and I am in the camp that doesn’t like it, Illinois will pay its bills
Never going to happen. Debt will be issued continuously.
Here is the precedent for IL – the die has been cast:
https://apnews.com/article/business-caribbean-puerto-rico-bcc3dd61544e8b0a401bbd6567c04da6
READ THE ARTICLE JACK AND THE MORON’S WE HAVE IN CHARGE NOW WILL GET US THERE……….JUST A QUESTION OF HOW LONG
No, according to Pensions Paid First, every other state expense will not be paid, or cut, so that pensions can be paid first. Taxes on remaining residents will be doubled, or tripled, to pay pensions first. Schools will close down, parks will be shuttered, police departments will stop being funded, to pay the pensions first. It’s in the constitution, or something, because some union aligned voters in 1970 said that 2020’s residents had to pay 1970’s employees their full salaries for not working in 2020. Complete insanity.
Pensions Paid First needs to get a life and volunteer somewhere and get a clue. He is the text book example of a little bit of knowledge is dangerous. He’s probably the one who downvotes all the comments.
Are you doubting PPFs devotion to Constitutional principles? Don’t you understand that our very freedom depends on payment of every dime to public retirees? LOL.
The real problem IMO is not the “no diminishment” clause in the 1970 constitution; its a decision several years later by the Illinois Supreme Court that the state had no obligation to fund the pensions long term on an ongoing basis, and that as long as current pensioners were getting their checks, the “no diminishment” clause was being fulfilled. That decision, more than anything else, is what enabled pension liabilities to get out of control.