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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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One expects a Judge that is a benefactor of the Illinois pension system to make a decision that would lower their pensions?
My guess is the Illinois Supreme Court wouldn’t even allow it on the ballot. I’m sure pensioners would argue that the amendment violates their contractual right and would require wording to not include current members. Doesn’t matter because we are a long way from that show. We just had lightfoot give out a raise to teachers when they don’t have the money…and the voters support it. The state is spending more money and deciding to raise taxes and the voters chose that path. It’s not like Pritzker didn’t say he was going to do this. Why would anyone that followed… Read more »
Well he had his chance and blew it. Pretty expected for governor spineless… the state is doomed. Pack your bags and sell your house before it becomes worthless!
Two comments. First, Rhode Island never had a strong pension protection clause like Illinois does, so what was approved by the state Supreme Court there is unlikely to be approved by the Illinois Supreme Court. For goodness sake read the ISC’s 2015 ruling in which they strongly and unanimously hinted that the 2013 pension bill would have likely been struck down purely based on general contract principles, even in the absence of the pension protection clause. Second, eliminating the pension protection clause is not what Pritzker ran on – it was Rauner who proposed that and he lost, big time.… Read more »
Andrew, we wouldn’t have a pension protection clause, either, after the needed amendment. All state law issues would be wiped clear with a properly worded amendment, so I don’t know why reform opponents keep bringing up IL court decisions.
And as for your second argument, come on. Since when can’t we advocate policies that were opposed by incumbents in their elections?
Mark, this is Andrew’s tired and weak mandate argument. He continuously goes back to this dry well.
Andrew, you can spend all day on here, it won’t change the fact that your pension is doomed mathematically and something will have to be done about that in the future. Laws change due to math, not the other way around.
Of course they are doomed…after all the private property has been confiscated to pay the bills.
On the bright side though with the new gasoline tax some potholes are being fixed in my downstate neck of the woods.
Governor Not Serious
He’s basically saying that it’s too hard.
Impeach Pritzker.
He’s saying it’s not politically realistic because he and his allies won’t vote for it.
More accurately, the Dems won’t vote for it so the people have a chance to vote for it. But the whole “we can’t do X because we won’t vote for it” argument is the biggest cop out in politics.
His job as gov is to not just sit there for photo ops to sign bills, but instead, to push legislation and his agenda through. It’s hard work to do that. When he says that his allies won’t vote for it, he’s saying that he doesn’t want to put the bon-bons down and work a little bit to convince them otherwise. Abraham Lincoln didn’t sit back and say “yeah, my fellow repubs won’t vote for the new 13th amendment, so let’s keep people enslaved”. Lincoln got out, busted his butt, convinced the border states and got it done. Pritzker bought… Read more »
Maybe it is too hard for Pritzker. He’s already proven that difficult tasks like walking, standing, sleeping, and sitting are too much for his femur
Probably just too bound up from the lack of available toilets.
We left in 2018,for a southern state with no state income tax.That is about $6000.00 a year extra when we travel the USA.Dumped all our property for a profit in tax concentration camp illinois.I need the money instead of boss mike to give away in chicago.It is sweet spending the money on rv parks,gas to pull a camper ,and of eating out.Thru the grace of God we got a lot of money to spend on us instead gang bangers shoot them up and the tax payers pay their med bills.How many thousands will leave once the new dem tax will… Read more »