-- 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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Moral of the story is, get out of IL while you can afford it. Taxes will have to go up, your property will be worth less and less, companies will leave, unemployment will go up. Stick around because of your grandchildren and you’ll pay the price.
I know. Re-elect him and I’m sure he will fix the budget he broke. Isn’t that the extent of democrat logic?
The last reality based budget submitted in IL was by Rauner. The 2024 IL budget at the very most should be $43B. Pritzker and the supermajority Democrats are overspending buy nearly 25% or at least $10B!!! Drunken sailors are much more responsible! It’s all pork pie spending by Pritzker.
Pritzger, born with a platinum spoon in his fat face, handed almost a billion dollars at 21, part of a huge business family and never had to worry about where his next meal came from (that’s obvious). Spending working class people’s money has meaningless consequences for him. Just grab the taxpayers wallet and take some more out to fund the nonsense we see being done. Pay almost a billion dollars on illegal aliens while homeless Americans are sleeping and dying in street gutters. Pritzger and his ilk, the Democratic Party, are the lowest form of life. Wake up Illinois and… Read more »
Admittedly I only skimmed thru state report, but I didn’t see anything addressing how much it will cost taxpayers to keep all the fed COVID funding that’s now backed into the budget in therms of new or expanded programs, new hires, etc permanent? If that’s the plan? And what Illinoisan with 1/2 a brain cell would think otherwise than the machines going to try and make all that COVID spending permanent.
This report makes me wonder how CPS and CTU ever thought they could wring a billion dollars out of the State. The State is broke and so is Chicago.
Just curious as to how many toilets JB will have to jettison to cheat the tax man this time around.
Why they want the millionaire’s tax. That will supposedly bring in another three billion or so dollars. So don’t believe this nonsense about that revenue being used to cut property taxes. It’s really about wanting more revenue and taxing a relatively small number of people is not a political problem. Unless of course a lot of them leave, find ways to lower their taxes like JB or there is a recession. Look for the Millionaire tax to pass look for it to not bring in the revenue it promised.