It shouldn’t have taken a PhD in economics to notice this – Wirepoints Quickpoint
May 17, 2024
59 Comments
What a representation of Chicago’s plight.
-- Connecting the dots between our economy, government and business --
Fiscal watchdog Truth in Accounting found Chicagoans are each responsible for the second-most debt in the nation. It again gave the city an ‘F’ grade despite improvements from one-time federal COVID-19 aid and unusually high pension investment returns.
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Twelve Illinois Congressmen vote against bill to give federal custody to non-citizen defendants charged or convicted with assaulting cops – Wirepoints Quickpoint
May 17, 2024
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The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Chicago Teachers Union Plays Hooky – Wirepoints in the Wall Street Journal*
May 17, 2024
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The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Gov. Pritzker is using the threat of budget cuts to get more tax hikes passed – Wirepoints joins Tom Miller of WJPF Carbondale
May 17, 2024
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Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
Public education staffing has ballooned over the years…yet kids still can’t read – Wirepoints on with Jeff Daly of WZUS Decatur Radio
May 17, 2024
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Ted joined Jeff Daly to discuss how politicians can never spend enough on education despite there being no accountability for that spending, the growth of education staffing across Illinois, Mayor Brandon Johnson’s $1 billion demand for Chicago schools, why Gov. Pritzker is providing $830 million in taxpayer subsidies to struggling EV carmaker Rivian, and more.
Someone should tell the immigrants about this. All others it is time to leave the Chitty and State, let PPF pay this bill.
$42,000? That’s all? That’s the price of a base model Toyota Highlander. It’s less than $1,000 a month for 60 months even with 9% interest. The City could force every resident to take on an additional car payment sized tax obligation for the next five years and the city could be debt free in no time.
The city of Chicago should send citizens bills for the shortfall and impose a payment plan.
That might wake up a few voters.
Matter of fact, perhaps the state should do the same thing.
Just say’n.
Illinois Teachers’ Retirement System currently has a total unfunded pension liability of $80.6 billion among two different tiers of employees. State Rep. Steven Reick said, “If we wait until 100,000 of those 144,000 [retired teachers] are coming screaming at our doors saying, ‘hey, I want my money,'” Reick said. “If it all falls on local school districts, our property taxes are going to go straight to Mars.”
Sounds like people better get on board with the Commercial Club of Chicago’s plan. Follow their plan or to the moon Alice. Actually, to Mars PT.
I’m happy to debate that Chicago will become another kind of Detroit. It’s cast in stone as Chicago and IL are unfixable. Highly unlikely a second Red State bailout coming – Legislative efforts being put into place to make certain of that.
Illinois lawmaker: Property taxes will ‘go to Mars’ if teacher pensions aren’t addressed – Center Square
Well then address them with more state income taxes and taxing services.
You and I differ on this because my thoughts are spending cuts are needed and not just more taxes. Additionally eliminate those TIF fund slush funds by transferring the funds to the pension debt and finally eliminate the various tax breaks handed out during the years like the tax break given to farmers on their real estate returning the taxing system to what it was when originally written.
We actually don’t differ on this Riverbender. I would love if the city and state imposed more cuts to spending. I just don’t believe it will happen without massive pressure. I had high hopes for Rauner to exercise his line item veto with the budget instead he rejected the whole thing because he didn’t want the cuts to be blamed on him. That’s why I believe that a plan should be approved that forces money to be paid into the funds. A plan that forces the state to be responsible about its debt will force the state to get real… Read more »
Spending is notoriously difficult to cut, especially when city spending creates an entire economy of its own in many neighborhoods in the city…Edison Park, Sagunash are nice places with a lot of highly paid city professionals frequenting the bars, restaurants, gas stations, paying property taxes…
Debt is increasing every day; population is decreasing every day. This will not end well.
Ken Griffen took millions and millions of tax dollars with him when he and his business left for Florida. He is not the only one who is leaving, lots of other businesses are fleeing the crime and poor services and high taxes.
And $42k city debt/ per taxpayer isn’t even on the radar of any of the nutty progressive mayoral candidates (or press).. they’re all to busy talken equity, systemic, disinvestment, blah, blah, blah–‘free stuff’ talk? cus equity hustle & debt math DON’T MIX
Folks, ain’t gonna happen. Read up on what entity bailed out Detroits municipal bankruptcy.
Hint: It wasn’t Detroit citizens!
$42,000 to the Chitty and $120,000 to the sorry state = $162,000 plus in debt and growing like wildfire. The pension time bomb is exploding right now. This is the largest generational theft in history. The only way out is to get out. Let the greedy PPF and likes of him have the debt. They only have a short time to get me now, I will be buying my last tank of gas and it will take me over the state line. I will give the 1 finger salute as I cross the state line.
I’m always happy to read about a current Illinois resident about to be a former Illinois resident. Wirepoints should count you as a success, even though saving Illinois is their primary goal. It stinks that leaving is the only option but be thankful we live in a country where there is that option. God Bless the United States.
Why are people fleeing Illinois?
Land of Lincoln now one of the most unpopular states in the nation.
Not going to be paid. The honest working families are fleeing the Chitty. Criminals do not pay taxes. Chicago is DOA, going to go bankrupt. Huge Pension time bomb going off will kill the Chitty economically.