-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Here’s an idea. When someone is collecting a pension, they can’t work for the agency they are collecting the pension from in any way shape or form. Elected officials can not collect pensions from every position that they’ve ever held, just from the last position that they served a full term. Public service pensions- person must work 10 years actively working in that service before collecting benefits. If a public service person withdraws from the union, they do not accrue pension time until they become active again.
Flat 10% cut in ALL legally not obligated budgets, no debate, flat across the board cuts.
If someone needs additional fund they must provide justification to take it from someone else’s budget, no increased spending from the cut.
“I want the agencies to pay attention to what programs can we maybe freeze for the current year,” Pritzker said. “Or maybe there are things that aren’t working as well as we’d like” – if you can freeze something for a year is it something needed in the first place? It should be an ongoing DOGE like review to see what is no longer needed to make room for what truly is.
Impossible.
Well I’ll be damned, Covid money ran out and suddenly Pritzker wants the state to live within its means. What a hoot Governor Big Boy is! Bet your last dollar that there will be some budgetary slight of hand to balance the budget, even if it means borrowing from Peter to pay Paul. Or foregoing pension payments. Let the can kicking begin!
My question is Governor taking a cue from former President Clinton, “Define Taxes?”
Exactly. The tax increase will come and likely be a cant-live-without spending proposal or he will threaten to cut police protection. Old school diversion tactic by someone who can’t govern. He got the cash because his family didn’t want him in business.