-- 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
I’ll never spend a dime in Evanston again.
I don’t see Evanston Alderperson Ann Rainey (8) supporting this. ?
Evanston must be flush with cash to make these payments.
Does this mean their pension funds are fully funded?
From Evanston’s proposed budget. https://www.cityofevanston.org/Home/Components/News/News/5032/17 “The 2021 Proposed Budget includes a 5.9 percent or $3.3 million increase in the City and Library property tax levy. The City and Library tax levy represents approximately 20 percent of the property tax bill paid by residents and businesses. To advance the City Council’s goal of long-term financial stability, the tax levy increase will partially support a $1 million contribution to the City’s General Fund reserve balance. Additional tax levy funding will fund the new alternative emergency response pilot program, expand senior services and general assistance, cover an increase in debt service expenses, and… Read more »
Surprise-surprise, in upper-class Evanston peddling pot tax revenue as white guilt works!! I never met a low income progressive. While here in Chicago, Bob Reiter-CFL can snap his figures and pres-o-chang-o the pot tax revenue that was supposed to be dedicated to healing the systemic disinvestment in black community bs instead goes to making sure city $six-figure$ tree trimmers don’t loose a dime of pay? and the fake progressive alderman (who are 90% dependent on public sec union donations) and fake progressive columnist at ST and elsewhere keep their mouths shut. Does anybody believe any of the future Chicago pot… Read more »
Oprah should apply
Not sure why people are mad about this… Evanston is an SJW hub bigger than Chicago. They are going to reap what they have sewn. I personally believe that the reparations should be at least what 20 year plus CTU pension is worth. $25,000 is too little. I want African Americans to get at least $80,000 per year. I hope all of the retired black CTU teachers move to Evanston.
Life isn’t fair. Get over it Evanston and move on. Reparations is just a bad idea.
Public housing, section 8, rent subsidies weren’t enough?
So money goes to reparations instead of underfunded police and fire pensions.
Then what, someday blame the underfunding on COVID or whatever and ask for a federal bailout?