-- 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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Once again, for the fake-progressive machine left, the rock bottom devastation of S & SW -CC black suburbs could have nothing to do with astronomical taxation largely to support the guaranteed upper-income lifestyles of our public sec heroes. But everything to do with some mythical systemic racist disinvestment bs.
Harkening back too many years to count in my 9th grade Civics class I seem to remember that spending bills started at the Congressional level making it seem so confusing that Presidents can now seemingly spend on their whims to buy votes. I guess I must have cut class the day this was explained.
Yep, that’s how Bidet forgave student loan debt.
Same old story, pay more (MUCH) and get Less (MUCH).
One day if I am lucky I will die or move.
PPF and the likes of him have destroyed the quality of the average family.
Nope. Your deadbeat voter base that has refused to pay its bills on time has caused this. As Mark has noted, most of the pension costs are debt. This is simply from the state not making its payments and voters not demanding them to pay. Now more taxes. You did this. Take ownership.
I expect that Poor Taxpayer paid whatever bills the government sent him. So did I when I lived in Illinois. Give Poor Taxpayer a little more time and he might finally realize that he/she doesn’t need to take ownership. He/She can just leave.
One hallmark of the five Illinois state government pension Ponzi schemes is actuarial underfunding the pensions leaves more money for salary hikes which in turn further underfunds the pensions.
PPF, voters would never have put up with it if politicians had demanded they pay what it really costs. Public unions know that, so they rely on the constitutional protection, let the pensions go unfunded, and focus their demands instead on higher salaries that give them cash now and increase the pension base for later. I wish politicians had tried to force taxpayers to pay the true cost of pensions as they are incurred. There would have been a revolt and immediate pension reform.
The math on public pensions is unsustainable regardless of actuarial payments. Few if any other states provide such lavish pensions.
Spot on correct. The criminal collusion between politicians and public sector union parasites in exchange for votes and boots-on-the-ground at election time would have been exposed. Game over. This is fundamentally why I have zero sympathy for the public sector union thugs. These criminal co-conspirators – especially the arrogant ones like PPF – can eat Gravy Train dog food while living on the street once Illinois financially collapses.
“The criminal collusion between politicians and public sector union parasites in exchange for votes and boots-on-the-ground at election time would have been exposed.” If you believe the public would have never tolerated it then all the more reason to demand full actuarial payment. Unless you don’t actually believe what you are saying. Don’t you want it exposed? Don’t you worry about me TPG. Multiple income streams and very well diversified. Pension income doesn’t even make up the majority. It’s a 6 figure fun money account. Tomahawk ribeye (Prime not that choice stuff) and Opus One for dinner tonight. Life is… Read more »
“I wish politicians had tried to force taxpayers to pay the true cost of pensions as they are incurred. There would have been a revolt and immediate pension reform.” If you believe that then demand full actuarial payments be made. If you really believe pension reform would be immediate then this seems like the path you should take. I can’t recall any of your writing where that’s the case. Either way it doesn’t matter what you think the voters would have done. We just added Amendment 1 to our constitution and you thought that was a bad idea. Clearly the… Read more »
What is sorely lacking in the public is financial literacy. Schools don’t teach it and the school of hard knocks is hardly a good way to learn; dig a deep enough hole and your financial future may be toast. (Take student loans for instance.) I believe most voters don’t understand the pension problem. I’ve tried to explain it to a few folks whose eyes have glazed over with the simplest explanation. Kicking the can down the road and ‘pension holidays’ have set up Illinois taxpayers for financial cliff. These are facts that are concealed by ‘balanced’ budgets and political rhetoric… Read more »
The coupling of the Constitutional protection, the Edgar ramp and the lazy voting population did this and to think the Republicans wanted Edgar to run again, the voters are even more lay and by asking any voter they generally have no idea regarding the ramp or constitution.
No idea where she comes up with those numbers. My old condo tax bill went up 38% and my friend in Lakeview had his go up 30%