-- 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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Illinois financial collapse can’t come soon enough. This looming financial catastrophe will doom JB’s miniscule presidential hopes too as icing on the cake.
In 1968 Richard Ogilvie (R) was elected Governor who “proposed and successfully pushed for passage of the Illinois state income tax, a vital necessity for rescuing the state from a looming fiscal crisis.” Now here 50 plus years later the State still faces a “looming financial crisis” because the Politicians just can’t quit spending. Nothing has changed and spending continues along its merry path and, as long as the same politicians continue to be reelected nothing will change. The solution is at the ballot box and the voters seem to want it this way.
We’ve been hearing this belt tightening nonsense in IL since Abe Lincoln was in short pants, yet taxes keep going up and the wasteful spending goes on unabated.
First, Toilets, Braindead and the democrats need to insult Trump and his voters some more. Tantrums always help. After that, these two meatheads have nothing. Perhaps some re-arranging of the deck chairs before the freezing water envelops the ship and everyone there. Perhaps some wailing and gnashing of teeth. Screams. Then the post mortem. In the interim, they will steal as much as they can from you compliant slaves. And you will be perfectly happy to hand it over as they keep you locked in 3rd class steerage as the ship slips below the waves. You are not capable of… Read more »
No reckoning. Illinoisans just soundly rejected any change of direction in Illinois. That must mean that they are all in line with raising taxes. Why not start with income taxes, move to real estate taxes, hammer estate taxes, eliminate the free lunch for retirement income, raise sales taxes, impose sales tax on services, raise hotel and entertainment taxes, raise parking taxes and rates, new head taxes on business, transaction taxes on the CBOT, taxes on walking, breathing, being male and being white. All should be in play. You’re going to need them all and more to fill the gap. All… Read more »
Correct. I’d only add that non-Combine Republicans shouldn’t fall for the Tribune’s trap and help out the Democrats on anything but the GOP’s terms. The Dems won supermajorities in the legislature and may clean up their mess all on their own if they don’t want to dramatically cut the size and scope of state government. A federal bailout isn’t coming before January 2029, so the GOP has leverage and should use it.
It’s a trap. Most of the cuts will be to Republican priorities and to Republican supporters in Republican areas. Mark my words. Not a dime will be cut in Chicago but downstate will start to look like the most rural of rural West Virginia.
Don’t Republicans want cuts? Give those downstate voters some of what they want. They wanted less taxes and less spending? We can’t do both but consider this a compromise. Enjoy!
The irony is that they’ll be taxed more AND have less spending..but only on them! So there’s that! The inequity of being a conservative area in a blue state.
They should pay more and get less.To the victor goes the spoils. Winning candidates look to take care of their supporters first and their opposition can pound sand. Why should they help the “F Pritzker” sign people from the sticks?That’s the American political system. Stop being a child. Time to grow up and put on your big boy pants. This is politics and Illinois Democrats play for keeps.
it seems like you’re mad that Illinois Republicans are so weak and useless.
Now you’re just trolling. I can troll too. Trump is going to be your president and JB is gonna have to rescind his sanctuary state status as quickly as he scarfs down a dozen donuts!
I voted for Trump and Vance so you can’t even troll properly. LOL
Pritzker won’t rescind anything though. They’ll verbally spar but neither one will change their position. Illegals and their backers will do everything they can to delay and obstruct deportations using the legal system. Trump will get rid of some but it will only be a drop in the bucket. Hope I’m wrong but I live in the real world not your make believe one.
Well if we are on the same side I don’t know why you feel the need to troll your fellow patriots.
Your description of Illinois Democrats makes them sound like they are a gang protecting their turf. Sounds pretty accurate to me. You seem to view this as normal, even desirable, political behavior.
I fear you’re right, most importantly with transaction taxes for the CBOT and taxes on services. Either of those would cause massive job losses as rational businesses move activity and people away to other locations. Taxing some retirement income, say with some means testing, would push even more retirees away.
Where the Hell has the damned Chicago Tribune been for the past five years? Too busy firing all the adults you still had on the payroll to notice what Illinois political animals and their family and pals, the Executive Directors, were up to? While JB the Hutt and the Democrats kept swiping Illinois’ credit card for any spending they could find, the interns at The Trib sat on their hands, even endorsing these same political animals for re-election after their malfeasance. Now Illinois is in a real mess these political animals themselves created. The reckoning should be brutal, especially on… Read more »
That’s true about the news side, but it’s more complicated on the editorial side, which is separate. The editorial board was fine when Kass and McQueary were there. It fell into bad hands thereafter. However, since a year ago it has improved dramatically thanks, apparently, to Steve Daniels’ arrival there.
The news side is where it counts. The regurgitating of Democrat Talking Points doomed The Trib.
Where did Kristy Parsons go? I wonder.
And the news side is truly awful. Their selection of national stories from AP that favor Dems is scandalous.
I really miss McQueary. She was great