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In his sixth budget proposal, Pritzker also laid out a long-term plan to manage the state’s massive pension debt by increasing the funding target to 100% from 90% and extending the payment deadline for three years, to 2048.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
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.
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Its just a shell game to them. Show the peasents mercy on the grocery taxes, but get it from them somewhere else. Bate & Switch, Shell-game…people need to wake up and vote these people OUT.
HE’S GIVING COVID BUCKS TO ILLEGALS SO THEY WILL VOTE TO KEEP HIM IN POWER…….VICIOUS CIRCLE WITH DOMINION VOTING MACHINES ALSO
There is one positive within Pritzker’s mumbo jumbo of tax hikes that really piqued my interest and that is the restraint on insurance companies’ pre-authorization requirements. While I am not going to hold my breath waiting, an inauguration of this policy would be, in my estimation, a worthwhile move. I have not yet met a medical practitioner that speaks positively regarding the insurance industry actions in this area where a clerk decides what medical care you, as a patient, need. I personally, a two time cancer survivor, have been involved in these situations many times and they are not pleasant… Read more »
Meanwhile, just like city budget, no pol or press asks how much COVID $bucks$ state has left? Every day I read papers there’s a press release about JB handing out the more “free stuff” tens of $millions$ here & there to some non-profit, etc with seemingly no end in sight. I guess COVID $bucks$ aren’t part of state budget? What gives?
While, I believe all are neighboring states have used their COVID $bucks$ to pass PERMINANT tax cuts for average middle-class folks.
The governor also proposes extending a cap on losses large corporations can write off on their state income taxes from $100,000 to $500,000 and he estimates would generate another $526 million in annual revenue.
Serious question, how does allowing corporations to write off more of their state income RAISE revenue for the state? Because more corporations won’t pack their bag and leave this h…hole?
All kinds of $100s of millions for migrants, homeless, public sec heroes pensions, low-income folks, etc in JBs budget…. and table scraps for us taxed-out average Joe middle-class humps besides a 1% hamburglar grocery tax cut made permanent???
More tax increases without any reforms like property tax. The same thing over and over. It is not a spending problem but always a revenue one. Always.
A $2.6B spending increase with less than $1B in new revenue?
That’s Democrat math. They must have gone to a government school.
100% funding for pensions in 24 years. The Doom Grifters won’t be happy about that.
So, how will this be done? You are talking $100’s of B’s given the rate of growth of the debt.
JB promises a lot of things. He also promises to gladly pay you Tuesday for a hamburger today.
REALLY IS TIME FOR NEW LEADERSHIP IN MOST OF ILLINOIS……OR AT LEAST PEOPLE WITH COMMON SENSE OR WORKED FOR THEIR MONEY. THIS GUY WAS GIVEN A FORTUNE AND HAS NO BUSINESS SENSE AT ALL!!!!!!!!
I remember JB’s promise of property tax relief and no gerrymandering. Do you? Go back to CrapFax, they miss you.
People like him live in a fantasy world of make-believe.
THAT’S CAUSE HE’S LOADED AND DIDN’T WORK FOR HIS MONEY
Where is Bill’s boyfriend PPF?
Maybe he is on your mother? That’s where I was.
No, you were biting on Rich Miller’s fat tits like always. You were hoping daddy would tell you that you are smart, but trust me, Rich knows you are an idiot.
It’s amzing the courage you internet tough guys have behind the safety of your keyboard to resort to the mother jokes of a 13 year old.
$300 property tax rebate relief. Promise kept.
LOL My property taxes went up $2,000 so they can take the $300 and shove it
Willy, the lies of Pritzker are epic, and they’ve been documented on this site on numerous occasions. His first move upon taking office was to try and kick the pension can down the road, but then Trump’s economy delivered greater growth and tax revenues and JB had to back down. Now back to CrapFax with you!
OzRetard Willy: the dumbest commenter in the history of commenters, and fat Rich Miller’s personal bitch. The one who spams Cap Fax with nonsense because he is too dumb to actually make a point about anything, but he thinks he sounds smart. Spoiler alert: you don’t. The pensions will default and be cut during the depression that will hit the world sooner than later due to too much debt and not enough growth. Enjoy, idiot.
Ben, I would not assume it’s really the same guy.
Oh, I think it is. What is interesting is that Willy hasn’t commented on Cap Fax in months. RNUG doesn’t comment nearly as much there either as fat Rich and him tend to not agree on things anymore. Then again, fat Rich is a paid off union stooge who used to hang out with all the criminals of Springfield, so he isn’t right about much. He just follows his orders and says whatever drivel he is told to say.
A typical post by Bill from Oswego on Cap Fax: I say I’m a Republican but everything I support is completely biased towards the Democrats. Governor’s own, they always do, unless they are a Democrat. Now is the time where I say ten sentences or so of pretentious gibberish in the most vague way possible towards the post I am commenting on to attempt to sound smart. I want to impress Rich Miller so badly but even he thinks I’m an idiot. However, Rich let’s me post whatever I want since I subscribe and pay actual money towards his trash… Read more »
You meant a 100% chance of state bankruptcy allowance in 10 years or less.
Doom grifter retard Ben thinks the states will be able to declare bankruptcy. Baaahaaaahhaaaahaaa! Another pointy wire idiot spouting Facebook nonsense.
I knew this comment would trigger OzTard. It’s the real, true tard here folks. State bankruptcy has been talked about for years in Washington you idiot (not just Facebook as the slob Rich Miller says, and you blindly believe), and if a state cannot function anymore then reality says it will have to be passed. A state is too big to fail. Too much federal debt for bailouts now. Enjoy being an idiot while praying to your god: the slob known as Rich Miller.
It’s a hypothetical and academic discussion of a modified Chapter 9 to allow states to file.
More realistically, IL will default on some of its debts.
And a can-kick, pushing the date for that out three years. Under the new plan, pension contributions will increase through 2040. They go down then only because of an artificial dedication of money that will be freed up from bonds that will have been paid off. See page 35: https://budget.illinois.gov/content/dam/soi/en/web/budget/documents/budget-book/FY2025-budget/Fiscal-Year-2025-Budget-in-Brief.pdf
90% funded by 2045 to 100% funding 3 years later and you complain about can kicking. You are the chief doom grifter of these pointy wires. Thanks for the link. Not only did it provide details to fund pensions but we also learned the state shrunk bills outstanding since 2019 by $8 billion, increased the rainy day fund from $4 million to $2 billion, had 9 credit upgrades, GDP grew from $881 billion to $1.092 Trillion, and pension funding increased from 40.3 to 44.6 percent. Very bad news for the Facebook doom grifters but good news for the state and… Read more »
Those improvements you list resulted from the massive income tax increase in 2017, other tax hikes and bond borrowing to pay down accounts payable. It’s certainly not due to reduced spending, efficiency or smart management — the size of the budget has zoomed.The pros and cons of those improvements you listed get netted out in Net Position shown in the audited financials. Net Position is about where it was when Pritzker took office — about -$160 billion. Basically, minimal improvement in overall financial status despite the tax hikes. Nothing Pritzker proposed will change Illinois’ pension debt, so that albatross will… Read more »
“GDP grew from $881 billion to $1.092 Trillion”
That’s not even the rate of inflation since lardo took office, LOL
I’ve got a bridge to sell you over the Fox River if you think pensions will be 90% funded in 2045!
What else have you got!
Sounds like a modified Edgar Ramp to me…and we see how that worked out.
Also, Bill, are you really him or are you spoofing?