-- 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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Tucker Carlson claims average retiree receives $1,400/month SS income, while recently-arriving migrants are receiving $2,000/month as “monthly payments”. Wirepoints, can you fact-check this? Are these “monthly stipends” for “migrants” coming from federal monies, and/or state and local monies?
I’ve also heard “recently-arriving” migrants are eligible for $2,000/month rent-certificates for one year, and that they receive priority housing placement within Chicago. True?
There’s little transparency regarding payments to migrants, source of funds, and how much our local government (state and city) are spending on a per migrant basis.
Does this mean then that the rental assistance funding is over and beyond what it needs? Certainly the amount of funding exceeds what is absolutely necessary that then naturally leads to the usual Government waste and inefficiency. To think we don’t have funds for the pensions but other funds are over funded.
PPF’s pension money is being diverted too. Plus city maintenance expenses, salary expenses, bond interest payments,you name it and the funds are being diverted. Except for of course any CPS expenses; they will get salary raises and empty renovated schools. All in the pipe dream that the Federal government will reimburse Chicago for a self created mess. When you drive over a deeply rutted street with broken streetlights know that it’s because BJ cares more about criminal illegal immigrants than about US citizens and Chicago taxpayers. Youze jus shuts up and pays youze taxes chumbolone.
My pension money is not being diverted. The states reserves to pay future pension benefits are being diverted. The state pays either way at the expense of new taxes and/or less services. Pay more now or pay even more later. Pensions will be paid first.
The bigger decades old problem is how much of the pension contributions from employers and the taxpayers required payments were and is “Diverted” to something else other than the pension funds? We the taxpayers and the employees pay whatever is owed every year mostly via property taxes or out of their checks and then where does the money go? I spoke with Sen Steve Stadelman a while back and he did not know where the money goes appropriated to pensions and all he said it was Diverted. I asked to where? Just diverted. Someone needs to crunch some numbers from… Read more »
Pritzker and BJ are both throwing citizens/taxpayers under the bus, to lavish on illegals and asylum fraudsters
They’re not paying for the illegals either. They’re booking 7K per illegal per month and putting them on military cots and feeding them moldy vegetables. The immigrant $$ disappearing is a scandal within a scandal.
This is so wrong – citizens were counting on that rent assistance. Just like spending road tax monies on things other than roads. IL is just so very corrupt.
Once upon a time it was illegal to spend tax dollars on anything but their stated purpose when they were allocated by law. Think about that. You’re taxed to benefit illegal aliens.