-- 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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Sad that the racist misogynists would ignore the advice of a Black woman
Well, hey – Pritzker pushed through ‘free’ healthcare for illegal aliens over age 65 (never mind they usually have fake documents) so why not party? Charge it all to the sucker ‘Joe Taxpayer’ . Democrats do love to spend other peoples money.
Chicago……. Keep voting for city and state democrats and this is what you get.
I do not feel sorry for the citizens of Chicago- Vote smarter.
The bill needs to list a funding mechanism so it’s clearly shown how that additional money would be reserved to pay for the extra benefits. Without that, it’s just business as usual and nobody considering the financial repercussions to what they vote on.
I thought previously passed law called for automatic property tax increases….wasn’t that put in there when they delayed the full funding of safety pensions in Chicago to 2020 over Rauner’s objections.
If lightfoot really objected she would show the increase in property taxes to fund the new mandate. She should be out right now letting each tax payer in Chicago know the actual cost of this change. Then if passed implement the tax increase. Either point out the cost now and who is responsible or own the tax increase later.
Lightfoot is objecting only because she’d rather give the $ to her CTU benefactors.
It will be interesting to see what happens as Chicago continues to depopulate and many high rises go unoccupied. The risk of fire will increase substantially in the coming years. It is kind of funny though, because as you pay and hire more firemen taxes go up which causes people to leave which causes more dereliction in buildings which increases the fire risk which causes for the need to hire more firemen. It is an endless cycle…
They’ll be projects.
Another unfunded mandate will it ever end.