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Illinois’ pension mess has outlasted governors of both parties and decades of half-measures. Pritzker may not be able to solve it outright, but without clearer signs of real progress, the state’s future — and his own — will remain weighed down.
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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PPF loves paying high taxes so he and his public sector union grifters can live da High Life.
Illinoisans, vote with your feet and leave this fiscal black hole of a state!!
I prefer lower taxes and less government. Unfortunately the other voters don’t agree with me. Since I’m an adult that has the ability to weigh the pros and cons of a situation as well as accept the outcome of an election, I reluctantly accept the high taxes of Illinois but would prefer that voters choose differently. May move out of state at a later date but currently the economic calculus is better for me to stay and continue to make a great living. I realize that you saved around 20k per year by moving but that wouldn’t be enough to… Read more »
Pritzger. Weighed down. Thanks for the chuckle!
Pension debt is only going to get worse for generations to come. Pensions are the kiss of death for Illinois. Much of this pension money ends up being spent in states other than Illinois to help other states economies. The whole thing suxs big time.