-- 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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Hell of an editorial except this state is much too far into the death spiral to come back from.
The taxpayers method of “fixing” the pensions are the exact opposite method of Springfield and Chicago politicians idea of a fix. Fair tax, gambling, pot, gas tax, issuimg bonds to pay the electric bills are not the same “fix” any sane person would say is needed.
Illinois and especially Chicago voters are the dumbest in the nation, they will continue to vote for the same corrupt mafia union thug democrats in the face of dire Scorched Earth Death Spiral Illinois economy. Double their taxes, triple their taxes, don’t matter Republicans must be racist.
How can voters revolt w/o credible alternatives? The way the slating process works in Springfield is all the line toeing, boot licking insiders get together in a room with chairs that have names of political offices on them. They start playing music, and as soon as the music stops they sit in the nearest chair. And that’s the office they run for. The only way to fix the problems of the state are term limits. If a candidate knows no matter which way he votes he won’t be up for reelection during the next cycle, s/he would vote in a… Read more »
True. There is almost no chance. If no one shows up at the ballet box at least 50% of candidates mostly democrats win because they run unopposed. The number could be higher in some election cycles. I’ve read some as high as 60%. Pols will never agree with term limits themselves and will not see it in the ballot box. Illinois government is mostly self appointed or self elected. Speaker needs only 60 votes by the House. There should be limits on how much candidates spend for elections like over $150Mil by J.B but they make the rules not us.
The IL gov race was the most expensive ever in the US; and Jabba is the wealthiest gov ever too.
I mean, I love how for four years we heard about Rauner the evil greedy millionaire; and then go ahead and elect a billionaire. You can’t make this stuff up.
Guy’s got more money than the rich president they love to hate. Hypocrisy’s a hell of a drug, innit?
But JB is paying for lavish inauguration parties with famous rockstars; he’s giving his employees a raise out of his own pocket; he even put in new carpet at the Thompson center – at his own expense – because he was ’embarrassed’ that it was old. I mean really, the guy is just throwing around his personal wealth everywhere to make friends and influence people. I guess you could say Rauner did the same, he gave alot to the IL R party, but Jabba’s a little different.
Debtsor- It is really easy to throw around millions upon millions when it was all handed to him without working a day in his fat life. I guarantee you if he had actually worked for it he would not be pissing money away like a fat slob. Furthermore, if he had actually worked for it he would not be advocating a corrupt state to take more of it with taxes. He is reason why tiger eat their young…..Spaulding is the perfect description.
He has so much money (much of it stored off-shore and not paying IL income tax) that it would be nearly impossible for him to give it all away. He’s a .01% with inherited wealth, the exact same autocracy that the socialists in IL spend all their time railing against. The irony is palpable.
California has had term limits since 1990. There may be other fixes that are needed too. E.g., maybe no pensions. Also, another issue is that when lawmakers know they’re subject to term limits, they may be focused on how they can convert their temporary legislative power into some lucrative post-legislature opportunity.
Well why isn’t there a movement to demand a copy of JB’s tax return? How about Madigan’s too and while were at it Cullerton’s?
I’m laughing so hard I can’t post all that I wanted to post.
LOL
Superb editorial! Thank you!
You mean the Third World refugees that have replaced native American that have fled this state will cease being wards of the state and turn into Adam Smith Free Marketeers?
The premise of this editorial is so stupid there is no need to view.
The productive people won’t revolt, they will simply leave, which really is the most effective act of protest. The editorial misses this point.
Wrong. Berrios rigged it so rich, influential IL residents did not feel the property tax pain. Thats changed under to Fritz to be more fair, and these rich, influential people, who can animate the public, are starting to swing back at the IL politicians.
Commercial tax owners felt the pain, very acutely actually. Have you seen commercial tax bills? The smallest of commercial properties on 25/125 lots all have tax bills in the five figures or more. I know commercial property owners and some of them can’t even charge enough rent to cover the taxes on their property, they just take it as a write off on their taxes. I know of one property owner in the northwest suburbs that never contested the taxes and they went up to $50,000 over a 5 or 6 year period for a small industrial building a few… Read more »
People in this area have very little understanding of how the commercial property market is taxed. They don’t realize that our Rulers have already put in place a 2.5X multiplier to punish businesses, simply because there’s less of us than anyone else. “That’s how the democratic process works,” Preckwinkle says. But then when you explain to your nearest socialist that every single penny of those taxes gets passed along, they have their temper tantrum and want to change the subject. People don’t realize that when business owners are fighting back, they are fighting for their customers AND the viability of… Read more »
Interesting that mainstream press is now comfortable with $250 billion figure for state pension debt….how many years did that take?
“fix the pension crisis now or face voter revolt later.” Where exactly where the voter revolt come from? The 55%+ voters in the state who reflexively vote (D) because ‘Orange Man Bad’? Do you ever believe there will be a pension reformer with a (D) next to their name? Will there ever be a Republican in statewide office who actually has any power? What everyone fails to acknowledge is that Democrats know that they own the state likely in perpetuity aka forever. They don’t care if they run the state into the ground, because, they’ve been doing that for years.… Read more »