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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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hey Glen ur ole pal Klonsky the COMMIE teacher says that not one penny of bail money goes to any public pension why don`t i believe him
That’s because you live your life based on fake news. Public Pensions were not bailed out. You must be thinking of multi employer pension plans. Time to get educated doc.
hey COMMIE Klonsky why hide behind a FAKE NAME time will tell if you`re or wrong on this but hopefully the CANCER will have returned
Another hateful comment from one of the WP posters. You’re actually hoping a person has cancer because they have stated FACTS that are different than your ignorant views? WOW. Way to provide proof of your hate.
You have cancer COMMIE KLONSKY it`s not gone but you will be soon and do I HATE COMMINUST HELL YES I DO AND YOU HEAD THE LIST PROUD OF HATING U
You need to seek help. You are clearly ignorant and hateful. Yelling Commie like a crazy old man doesn’t help.
Fred the RED do you really think I give a RATS ASS what you think letting the country know who you and you
re lot really are what needs to happen again HATING COMMINUST LIKE yourself is RIGHTEOUS THE HELP Im getting is from GOD as CANCER will take you very SOONMEABF participant pensions are 80% of final salary and they can be fully vested by age 52 if they started working for the city straight out of high school. So all those mediocre Chicago kids you went to school with – whose parents worked for Daley then got their kids city jobs – are going to collect their OT-infused pensions a good 10-15 years before you retire.
The article states that statewide pension deficit tab sits at 208 billion. Using any realistic rate of return, isn’t the figure at least double this? I have asked the crowd over at Capital Fax (assuming for them cuts are out of the question) what kind of income tax rates (assuming property taxes realistically cannot be increased much) are needed to generate the revenue needed to close pension deficits. They don’t answer. My view is that marginal rates would have to be astronomical, would have to be in a progressive tax scheme (which got voted down at today’s income tax rates),… Read more »
this wins comment of the day.
The USA in its current state even, will not exist within 4 years, and doubtful within 2 full years. A federal bailout, even if it happened, would destroy the US dollar so it’s another leftist fix that amounts to jack squat. The plandemic was brought on in order to prepare everyone for the Great Reset, because the global elites realized that the system as is cannot possibly be remedied, bailed out, etc. There is a high probability that the vaccines will result in overreactive immune systems and cause further death (as has been seen with prior coronaviruses) via cytokine storm,… Read more »
More predictions from the guy that thought Trump would win the White House and the GOP would control both the house and the senate. So much wrong in your entire statement. “Plandemic”, “Great Reset”, “Overreactive immune systems”. The bat shit crazy post of the day. I’m surprised you don’t think the world is flat. While a broken clock is right twice a day you are consistently wrong. Well done.
That is a common element with the “pensions will be paid” crowd. They use only legal arguments, never anything with actual numbers and a plan. Probably because there is no way to make the numbers work in the real world.
Or maybe they are right and money does sprout from the bench of ILSC.
“Probably because there is no way to make the numbers work in the real world.” The numbers will work until they don’t. In the meantime, expect higher taxes, numerous potholes, terrible public services, derelict state parks and natural resources, understaffed agencies, and so on, until pensions consume nearly all the state’s budget and there’s no money left to even pay bond holders. We’re past the halfway mark. IDES is a complete disaster, our state parks are disgusting, our public services are terrible (DMV anyone?), the roads are terrible…..our leaders are more concerned about ‘equity’ because the voters are too. IL… Read more »
Fake News pensions aren
t funded at 80%of final salary ever unless theres some type of state buyout its DOOFUS like you who make SH-T up to sound importantAnd if you retire before the end of the year you get an immediate 3% raise on January first!
I don’t think that’s true. The last I knew on this topic was from years ago, but at that time those retiring prior to a given date (maybe June 30th, let’s say), got a pro-rated AAI. Those retiring after that date but prior to the end of the calendar year got no AAI for that year at all. Maybe that’s changed, but I’d not bet on it. Then, maybe that’s true for some state and local pension systems in iL but not true for others. They do have differences.
more fake news nobody gets 3% right away theres a 3 yr waiting period before that happens you people are such ASSWIPES u talk bout things u know nothing bout
Wasn’t all the future city pot tax revenue (that was supposed to go to cure systemic racism bs/stuff and will now go to upperincome income city retiries)gobbled up by municipal pension fund? Was that a one time deal or permanent? Or am i wrong?
I understand the push behind the decriminalization of pot. But it is foolish to think that tax revenues from the sale of pot will rescue Illinois or Chicago from its financial plight. There is a natural limit on taxes on pot sales because if the taxes are too steep, the black market will thrive as it ever has. See California. I also think that many are mistaken referring to pot as medicine, although I concede in limited circumstances THC may be helpful in controlling seizures. Most don’t use pot as medicine – they want to get high – easier these… Read more »
I thought the lottery fixed that
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