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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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Curious. If there is some sort of Federal bailout of $10B or more does that mean Illinois taxpayers will owe less and see an immediate decrease in our tax’s. $10B payment now should reduce long term taxpayer liabilities by $30B or more based on a 7% actuarial return over 30 years or so. Math is off a little so + or – Remember we taxpayers are all co-signers for the pensions/benefits/healthcare all WITHOUT our consent. How is that legal in any way shape or form?
Surprising that Capital Fax and Sun-Times object to this theft of other American’s money. I suspect that this letter wasn’t approved by King Madigan and the Illinois Democrat criminal syndicate. They are likely not annoyed with the ask but with the fact that Senator Harmon has tipped their cards. Now the rest of America – especially politicians for fiscally responsible states – have been alerted to this pending money grab. In, fact, he Sun-times mostly assaults the clumsiness of Senator Harmon and not the blatant theivery – “At best, Harmon’s pension ask is politically clueless…… You can almost see congressional… Read more »
This might be the best example ever of how the Democrats in Illinois have turned into a party that no one can recognize from what it was even into the mid 1990’s. It appeals to a terribly uninformed inner city, union, wildly liberal club that can only survive with a base that simply won’t– and probably can not– understand basic math. And to think the entire Senate Dem caucus signed of on this is even more astonishing.