-- 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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A LITTLE ILLINOIS POLITICAL HISTORY (it’s a bit long but it will put light on how things work in Illinois and why the citizens are on the hook in perpetuity. In 1970 voters of Illinois locked future generations into a promise that Illinois General Assembly could increase pension benefits of government workers at any point, which they have done repeatedly to the detriment of taxpayers, but could never reduce them, not even with respect to wages, benefits and pensions not yet accrued, regardless of how expensive those pensions would become. That was the new 1970 Illinois Constitution ratified by the… Read more »
“The Illinois General Assembly did not give the voting public the opportunity to decide on what items would go into the new Illinois Constitution in 1970 but rather assigned it to convention delegates from the Chicago Daily Machine and downstate loyalists to decide” That’s how amendments to the Illinois Constitution work. Our elected leaders made changes at the 1970 Constitutional Convention and the voters had the ultimate say by voting to approve those changes. Also, the pension amendment was sponsored by Republicans. “They also deprived citizens a means of ever amending it by requiring a three-fifth legislative majority to make… Read more »
I am just a taxpayer, not a lawyer or politician. I am simply trying to explain how we ended up in our current situation. This is largely because people often don’t pay much attention to what they vote for and listen to slick media ads without doing their homework. Maybe it’s partly the fault of the public school system. I attended school in another state where we were taught to read and research what we don’t understand. Nevertheless, the people approved the constitution and its amendments, and that is how it is. How many times have people asked for property… Read more »
Who is to blame? Public Sector Unions and corrupt Illinois Politicians. Their criminal votes-in-exchange-for-gold-plated-pensions and obscene wages scam is the cause. That’s who’s to blame. This criminal conspiracy is the cancer rotting Illinois. Illinois taxpayers with a brain have no obligation to pay for these criminally ill gotten gains. Period. PPF can whine all he wants that “Its Democracy” and “The Union leeches scammed the taxpaying schlubs fair-and-square” but this organized crime gravy train will have an end.
No whining from me TPG and never once have I stated “its Democracy”. Just reminding you that the bills will be paid by the taxpayers no matter how much you complain about public employees and their contractually secured pensions.
Glad to see you back PPF. I haven’t seen your comments for a while. Maybe its me on vacation. Regardless, I think that you are bottomlessly wrong that IL taxpayers owe a single cent for the criminal collusion of Public Unions and Politicians. Still, your differing and wongheaded opinions are enlightening. God Bless the First Amendment.
Don’t let the CTU ride you too hard. lol.
All in good fun.
Who is to blame? Simple answer; the voters.
My property tax bill in SC collects for six different entities, water treatment, forest preserve, local government, fire protection, etc. My tax bill has gone down about $15 per year the last three years. My last DuPage tax bill consisted of over 17 different entities, such as pensions for fire, forest preserve, township, township road funds, as well as for junior college, township, abatement districts, village, park district, and the airport. Every year, the majority of the increase was due to pensions, while local tax bodies such as the village and county stayed stable. Read your tax bill closely and… Read more »
The Democratic Party. There, I fixed it for you.
The Cook County Democratic Party is the guilty party. No surprise that a deadbeat borrower would need more and more $$$. No surprise either that the deadbeats are soft on all crime. Auto insurance and homeowner insurance rates are soaring. The insurance companies will be blamed but it is the lax attitude of the Cook County State’s Attorney imposing this increase.
Homes and properties are only ATM machines for all the taxing bodies.
What Fritz alluded to but failed to go in depth is the fact tax rates are based on the budgets for the taxing bodies. Your proportional share may change so bill goes up or down but overall collections do not. If you look at historical data for 2008-XX period when the market crashed total collections did not change. Your house was worth a lot less, so they raised rates. The ONLY way taxes go down is if the units of government cut spending.
Pritzker and Springfield are to blame, period!
And political leaders wonder why people are leaving the Chicago metro area?
Reductions in commercial property taxes,
Look out below. The tax levy goes up you
Must pick up the load. People and businesses
Continue to leave, our old friend Squeezy
The python makes sure the money is collected.
Property taxes= spending of the community divided amongst the community.
Community is spending beyond its means.
Community needs to understand it’s first priority, by law, is to pay 58-year-old teachers their pension entitlements (which exceed median individual income, and rise each year of life).
Education is not required to produce even barely satisfactory results, as these benefits-entitled teachers have no personal liability for professional malpractice
That is answer to the question “who is to blame?”…all of Illinois taxpayers who voted or didn’t vote, to enable teachers union the power to create and enforce this scenario.