-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Essentially paid for like a pop tax. Only this time you don’t get any pop.
The concept of raising incomes for the county’s poorest residents is commendable. There is much poverty and great disparities in incomes, even in my suburban area, with big fancy houses only two miles as the crow flies away from massive apartment complexes with 2-3 families cramming into cockroach infested two bedroom apartments. However, the reasons for poverty are complex, and difficult, if nearly impossible to solve, and many times can only be remedied on an individual basis, as each person decides on their own to improve their lot in life, through legal means, taking great risk, and avoiding pitfalls such… Read more »
When did this concept stop being something that is degrading, insulting, shameful and pride robbing? Welfare is supposed to be a temporary help up, and something you’d not brag about taking. Now they’ve used language as both the basis of a bad idea and the usual virtue signal. “Universal basic income” you could also call it “permanent dependency income”. So let me get this right now they want to give 500 bucks out here and 200,000 bucks out to rich college graduates who signed into loans. It would be better to just drop cash out of a helicopter. That way… Read more »
Biden Bucks + Cook County Bucks = inflation + interest on Free Bucks.
The levels of ignorance and dogma in the ruling class are truly stunning.
It’s a feature, not a flaw.
They know exactly what they are doing and so do you and I
Sounds like Preckwinkle is securing herself a lot of votes by using taxpayers dollars
I approve of this pilot, only so we can yank it away when the money runs dry and blame the county pension system.
“We love to continue this, but we need that money to fund pensions for all our hard workers. Are you saying we shouldn’t fund pensions?!”
And just exactly where is the 6K a year payment to those who will not work , supposed to come from? Last time I checked Cook county , Chicago and the entire state of Illinois is up to its ears in debt.
You already know the answer. Its coming from the income you and I work hard for
Cook County government exists only as
— a revenue robbery racket
— a money laundry for crooked Illinois Democrats/crooked unions
— a giant money-for-nothing welfare giveaway