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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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More good news for Illinois. This will not sit well with the doom and gloom crowd.
You’re actually the biggest doom and gloom person around. If you actually believed that your pension was safe you wouldn’t lurk around here and relentlessly bleat on and on about it. You aren’t trying to convince anybody but yourself.
Even though you kinda-sorta want us to think you have psychiatric credentials I’m betting you don’t in which case you are just another dude bloviating.
You mean like you? Aren’t you late for your Saturday night date with OW?
Exactly. I’m a non-you.
I’m just somebody that knows Illinois won’t improve its financial situation until people accept that pensions have to be paid and taxes raised to do so. Even the business leaders of Chicago recognize that the state needs more taxes now otherwise it will cost much much more later. Maybe in 20 years that 120k a year pensioner will see a Detroit style cut. Of course that pension would be paying out at 217k per year by then. Who knows? Maybe it will get cut by 5.5% and will only pay out 204k. Just typing that out makes it seem so… Read more »
Raise taxes is not the word, Double taxes every 5 years for 50 or more years to come. Illinois will be the highest taxed state and not the change of a nickel for years and years to come. This will be the kiss of death for the state. Soon the least populated state in the union. Texas and Florida will have all the productive people.