-- 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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How much was his stomach shaking when he said this lie?
In Illinois there is no such thing as responsible. Especially with this Jag A$$ not opening his wallet.
Our Honorable Governor correctly believes that his budget is responsible spending because it doesn’t require one cent from his own piggy bank, it’s all other people’s money that he is playing with, and it will never diminish his own stack of chips.
Everyone wants a seat on the gravy train. Except it’s like the airlines. Want a good or better seat, pay up! I think it’s unproductive to label all of them, but all politicians are shtbags. The exception is smaller towns where locals are elected; a known quantity. City, State and Federal are the thieves riding in first and business. The bigger the seat the better your cut. Altruistic politicians are simply asking for a seat! If they can dance and cry a seat next to the lav is your starting point. An extremely energetic ass kisser might get an exit… Read more »
Illinois could become fiscally responsible by reforming pensions to give all new state employees a 401k type retirement, by cutting lawmaker salaries, cutting out useless and redundant areas of government, such as townships and the separate school districts that some areas have for their high schools and elementary schools, and by rooting out corruption.
Sure, its simple conceptually at least and numerous people of have proposed various combinations of those things. But, its not happening, is it? Doesn’t that tell you all you really need to know? Doing almost anything in politics is a mire of competing self-interest motivations. Did you ever see the Daniel Day-Lewis where he played Abraham Lincoln? Politics is—and has ever been—a dirty business.
I agree, politics is often a dirty business. But in Illinois, it is not a mire of competing self-interest motivations. It is more like one side relentlessly grabbing for control to promote their own interest, while the other side tries to defend themselves from the constant barrage of attacks. Kind of like saying that people in a town under siege are not defending themselves, but are competing in their own self interest.
Some people, groups and organizations have a larger sway than most others. On the national scene think of the super-rich suchvas the Koch family and families of similar financial power. All may have been created equal in some ways at birth, but in social and financial senses that’s not the case then or ever after. Those who have sway use it and generally for themselves rather than for the general good. “Look out for number one” has been a long-held, accepted part of the capitalist system.
My brother, an economist of same fame, very practical with 30 years of experience, could not disagree with you more. He talks about this subject often, particularly to investors that don’t know how to approach Illinois – corrupt, broke, and a dismal future – but paying high yields. What is happening in Illinois is not part of capitalism, but rather is part of an exceedingly virulent strain of crony capitalism. Indeed, the self interest displayed by politicians in Illinois remind of the behavior of Party leaders in communist nations. The problems are not best described by lofty statements about capitalism.… Read more »
We are talking about degrees of the same sorts of issues. Yes, as usual, Illinois is an outlier as compared to most states. That doesn’t mean my take on it is wrong; it simply means there are other ways to look at it as well, and I don’t challenge your take on it.
I fully agree with your observation because, as an example, there have been some changes to local elected positions becoming seated by Republicans as opposed to the usual Democrats. Based upon what I have and do see the new faced Republicans are worse than the familiar faced Democrats. It is Illinois where the politicians, regardless of party, are certainly caring about their cronyism buddies and the heck with the rest of us
In IL state government its always the Chicago way; “where’s mine.” Its the whole culture of state politics from the first time of being invited into it until the very end of most politicians’ careers. The same holds true probably to a greater degree for its primary indoctrination centers, Chicago and Cook county politics.
Money and power have trumped patriotism and the desire for liberty.
So by your logic, feudal lords and slave owners were simply acting in their own self interest, like anybody else would do if they could, right? They were just lucky to have more “sway” than most. The majority may do anything as long as they have the votes on their side?
That’s one way of looking at it. Its what we’ve seen for the last several years both here in IL and nationally, isnt it? Political “discussion” turns into bulldozing over those not in the majority rather than seeking compromise. Once either party does it that becomes the more cemeted way of doing things. As but one example, can you honestly tell me Mitch McConnell’s obstrutionist attitude is anything other than what I’ve described no matter whether his party is in the majority or the minority?
Americans used to have a broad agreement on fundamental values, which is necessary in order to be able to compromise on differences. Same ends, different opinions on how to get there. I don’t believe we agree on values any more, making compromise impossible.
Yes, that’s a good statement. I think it really takes a severe national crisis such as we had in each of the World Wars to bring people together to put their individual dreams and schemes on a lower priority than the more pressing issues of national survival. The Great Depression was another example where most were in the same floundering financial condition and enough so as to feel a heightened kinship with their fellow man. In more prosperous times that disappears.