-- 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.
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How dare, whomever is responsible for attaching, to properties, a debt each property owes.
I don’t owe you politicians one red cent!
It was your inept, inability to cap government spending!
You’re right. You should be able to own property and not have to pay taxes to support police, fire, teachers, schools, roads, sidewalks, etc…. This stuff should all be paid by others but not me.
Pensions, I shouldn’t have to pay for your pension.
And rent abatement…. The veritable destruction of the American dream is the codification of wealth redistribution and taxation to pay for others inability to pay for themselves.
Keep voting democrat Chicago and cook county! It’s working so well for you! LOL
Pensions must be paid! Retired teachers and streets and sans workers need boats, summer homes and a new leased Lexus every 36 months! Don’t like it? Too bad, pleb, shut up and pay the pension!
Not much longer for me and my wife
How dare those retirees expect to spend their very own money. It’s bad enough that the state and local governments owe this money but retirees should at least beg for their own assets. It’s very upsetting that these pensioners expect to get paid what we contractually promised them. If these people had any decency then they would give up their pension so my taxes don’t go up. It’s so unfair. Waaaaaahhhh!
We’ll see who has the last laugh PPF!
We shall debtsor. In the meantime, how about increasing everyone’s pension by compounding it 3% each year. Let’s laugh together when those are increased each and every year. Maybe the public unions will push for an even greater increase. After all, SS COLA is estimated at 5.5% for 2022. Public employees need to fight for greater increases since inflation is through the roof. Perhaps in 20 years you’ll get your wish. Of course by then that 100k pension will be paying out 180k per year. Maybe the courts will let you reduce pensions by 5.5% like they did in Detroit… Read more »
Don’t waste your breath and money. Let them have IL.