It shouldn’t have taken a PhD in economics to notice this – Wirepoints Quickpoint
May 17, 2024
57 Comments
What a representation of Chicago’s plight.
-- Connecting the dots between our economy, government and business --
Chicago government-worker pensions are massively under-funded. So in typical Chicago-land fashion, the City Council is betting on casino revenue to plug the pension gap. Do taxpayers and workers feel lucky? If Chicago’s casino and pension bet fails, Illinois Democrats may next look to U.S. taxpayers to bail them out. SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER
FOLLOW US
WIREPOINTS ORIGINAL STORIES
Twelve Illinois Congressmen vote against bill to give federal custody to non-citizen defendants charged or convicted with assaulting cops – Wirepoints Quickpoint
May 17, 2024
10 Comments
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Chicago Teachers Union Plays Hooky – Wirepoints in the Wall Street Journal*
May 17, 2024
4 Comments
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Gov. Pritzker is using the threat of budget cuts to get more tax hikes passed – Wirepoints joins Tom Miller of WJPF Carbondale
May 17, 2024
10 Comments
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
Public education staffing has ballooned over the years…yet kids still can’t read – Wirepoints on with Jeff Daly of WZUS Decatur Radio
May 17, 2024
No Comments
Ted joined Jeff Daly to discuss how politicians can never spend enough on education despite there being no accountability for that spending, the growth of education staffing across Illinois, Mayor Brandon Johnson’s $1 billion demand for Chicago schools, why Gov. Pritzker is providing $830 million in taxpayer subsidies to struggling EV carmaker Rivian, and more.
The question should be are the underfunded or are they overly generous?
Social Security pays much, much less and the private sector worker works till age 67.
Many, I mean many government pensions pay well over $100,000 per year and at very young ages. All pay for by honest hard work of taxpayers. If they were paid by performance, they would only get a welfare check.
They are outrageously, immorally, unsustainably generous
The social security benefit was never designed to provide a full retirement – it’s designed to augment retirement savings.
I can’t imagine surviving on the 2023 gross average annual benefit of $21,924 – deduct Medicare Part B premiums of around $2,000, whatever supplement insurance you can afford, a modest rent, utilities doesn’t leave much to pay for food, Medicare co-pays, etc.
So any one considering retirement solely on social security benefits should think again.
maybe I’m an idiot, but does city police & fire pensions have actual written contract with city that 100% casino profits go to their pensions? or what is the actual agreement city has with pensions?
Note lots of casino players are spending money that should be spent on their families. The cops, teachers and firemen do not give a damn that your kids have nothing as long as the get their luxury home in Punta Gorda, Fl.
Invest in Crypto or Pokemon Cards
Just print-up a bunch of money and hand it out; what could go wrong?
Why not just hand over casino ownership rights to the pension funds directly? Pension funds own real estate developments all over the world. Let them run some casinos. They already have a client base with disposable income and nothing to do.
This is the Chitty of Chicago’s way of saying “Time to move”. Lots more people will flee the Chitt hole it has become. Let PPF stay and pay all the taxes, he deserves them.
Just default on the pensions and let the courts deal with it. The courts can order the money to be paid, but the courts cannot order money to appear. I guess the cops will have to buy luxury condos in Punta Gorda, fl. instead of luxury single family homes. They will have to forgo the big boat and luxury cars, maybe only go out to dinner 4 times a week instead of 7. The pensions are far too generous and need to be cut down to the same level as the hard-working taxpayer get. Let PPF eat his own young… Read more »
No thanks. I’ll just take my new boat out to the Gulf and make sure I’m back in time for dinner. Tomahawk steaks (prime only not that choice stuff) and seafood followed up by some great wine. I think tonight I’ll be drinking Opus One. Celebrate that annual increase for pensions. An extra 8 grand. It’s a little rough with inflation but I also have a solid private portfolio parked at Fidelity. Don’t be too concerned.
Thanks for the info. You’ve shown us the only thing that public unions have done successfully – line their own pockets.
Successful at many things. Planning for retirement and fiscal responsibility has always been apart of my life. I get that makes others who aren’t fiscally responsible jealous, but such is life.
Maybe hold your elected officials accountable so that they set aside enough money to pay the debts. Don’t blame the people that you hired for their services. They merely traded their labor while the voters allowed money to be diverted to other causes. Stop playing the victim and start paying more in taxes PP.
Where would you raise taxes? Or is that the legislators’ responsibility and you are just deflecting from the virtually intractable challenge? The most straightforward path is property taxes. But material increases are really not viable given the already heavy tax burden on middle class property owners. Pass more regressive taxes? Pritzker has engineered quite a few. What is the saturation point? Grind lower middle people into misery? Income taxes? Without a progressive tax scheme, increases are again politically challenging. This isn’t about your own financial picture – it is about long term viability. A few years back some young researchers… Read more »
These scum don’t care where the money comes from. They want to take insulin from Black children with diabetes for their own personal profit
PPF you are my favorite person on this blog. You tell it like it is, “shut up and pay your taxes”. He may be telling everyone the truth, Punta Gorda, Fl has more cops than the Chitty of Chicago ever had. They live the good live, luxury homes, luxury cars and nice boats. They go out to eat many times a week to lunch and dinner.
Weather today, Jan 4, 69 sunny high 80 sunny. All on the taxpayer’s dollar.
So says the criminal co-conspirator. The RICO statutes certainly apply to the Illinois politicians and the public sector union members of Illinois.
Spot on! Don’t pay the parasite’s pensions. The lazy bums won’t be able to do anything about it
I thought the lottery, or legalized pot was going to close the financial gap.
No but it has helped increase crime. Which is damaging economic development.
US taxpayers need to make it clear to their reps in congress that bailing out failed Dem cities with their money is not gonna happen.
Republicans need to take a page out Jerry Fords NYC bailout book.
The same Gerald Ford that stated the city still has the “capacity to prevent default through through additional budget cuts and more taxes”. Ford also signed the NYC Financing Act of 1975. Ford provided 3 year financing in return for higher taxes on city services and cutting back the number of people and pay providing those services. So what Ford really supported was more taxes and less services. I’ve been advocating that plan as well. I’m glad to hear that you are finally embracing fewer services and more taxes. Maybe start with increasing Bowmanville property taxes. That seems like a… Read more »
And what services are you in favor of cutting while taxes are increased?
Why don’t we start with the Universal Basic Income program.
Happy New Year PPF, You’re correct in the sense that dr Ford bounced the ball right back into NYC’s court. That formula for Chicago is still better than bankrupting the whole country to “solve” blue state fiscal irresponsibility. You may turn out to prescient on the trajectory of Bowmanville property taxes too. Mine are doubling now at a every 9 years rate. However, history shows that a societal boat never half sinks and former public employees such as yourself may be impared when enough of us geezers are gone. A new tax season is starting and you should really get… Read more »
No side hustle needed and I have no concerns about you paying your fair share. The Illinois Department of Revenue and elected politicians are on the case. Not to mention Cook County to get those Bowmanville taxes. I’m curious Old Joe. Why did you leave failing Detroit to only move to another progressive city like Chicago? It seems like you want all the benefits of a large city without paying the costs. Chicago has historically been undercharging their residents when it comes to the services they offer compared to the revenue they collect. Surely an educated engineer like yourself knew… Read more »
I’m curious Old Joe. Why did you leave failing Detroit to only move to another progressive city like Chicago?
That’s actually a good question. I’m also curious.
When I left Detroit was already gone but Chicago wasn’t.
It’s almost like a rotation on the WSJ’s Opinion Page anymore – every week, at least once, one of them will get a “can you believe how foolish this state is” mention among the editorial board’s editorials every week. California, New York and Illinois. Taxes, crime, unfunded pensions, poor schools, population loss, unemployment, poor government service, decaying infrastructure, Orwellian wokeness of one sort or another – and the columns are so easy to write. I mean, honestly, how hard is it to illuminate something new that Springfield or Chicago has done, that’s shockingly stupid, once every third week? Particularly to… Read more »
But Illinois had a float in the Rose Bowl parade!
Doesn’t that count for something? No?
I didn’t think so either.
Well, it got Illinois on network TV. I even found a picture –
RAMMING SPEED!!!!!!!!!!!!!
Problem is, as Wirepoints has pointed out, most Chicago/IL residents only pay attention to local media, like the Trib and Times, which have become apologists for the Dems and progressives. They don’t read the WSJ or other national media (or Wirepoints) that describe the financial cliff that IL, CA, NY is on.