-- Connecting the dots between our economy, government and business --
New Equable Institute data shows city taxpayers now face unfunded debt from its municipal, laborers, police, fire and teachers’ pension funds topping $53 billion, or more than the overall pension costs of at least 44 states.
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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Let all public pensions go bankrupt. Then reorganize them like private pensions. Should be minimum active membership and minimum years in the pension plan. Remember, Johnson only taught for 4 years and will receive a pension for 20 years of membership.
His CTU tenor is included in that 20 years I believe.
Chicago is DOA, no chance they can pay the pension debt obligation. The public sector unions still want more money. The numbers just do not add up, even with high tax increases. People will burn rubber out of state if they raise taxes much more. Very little hope at this point.
Before long the only people left in Chicago will be the functional illiterates CPS has been churning out for years, and the illegal immigrants.
Then we can see if it’s true that illegals are the backbone of Chicago’s economy. And whether only the quantity of residents matters, and not the taxpaying base.
Good luck collecting your pensions from the students you graduated and the illegals you insist are the soul of the community.
There is a name for a place with only a few rich people, no middle class, and a bunch of poor people.
The Third World.
Chicago will be the new Venezuela
With apologies, Chicago is the new
Venezuela
Ola! Chizuela