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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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Does anyone seriously believe that the recipients of the pensions will reform them to where they will not be entitled to one?
Is this a joke? 4 years of “service” can get you lifetime of benefits starting at age 62? And I thought teacher benefits were outrageous. How did we let public “servants” become our masters?
Unlikely that the current crop of thieves will actually collect on it, so that is some comfort.
Need to increase taxes.
Absolutely, we see how well it worked for south suburban cook county.
Your pension is getting cut and will not be paid in full within the next decade loser. The fact you keep posting on here with this childish crap will make everyone here enjoy it even more when the pensions go bust. So, keep on worrying about your pension, keep on pretending you’re not worrying even though your constant comments on here show you are, keep on wasting time posting on here like that somehow will save your doomed pension, and get a life. Oh, and I moved two years ago to Indiana, so I am not paying one cent towards… Read more »
I agree and disagree we know the pensions will go insolvent and yes I will smile along with you but, and I say but or should I say maybe, the federal government will step in with monies and come to the rescue.Just a thought
At some point there will be a currency crisis if they do too much though, so there won’t be some massive bailout for the pensions. Also, that doesn’t fix the Dem spending problem; they will just do it again. China would love to take over as the reserve currency. They also are working on bankruptcy for states. It is inevitable the pensions will be cut – one way or another.
This idiot used to be called “The Truth Hurts.” He changed his name because he was dead wrong on taxes easily just being increased. He kept saying taxes would be going up for sure by now, but of course he was wrong. The Fail Tax was a huge fail, and there is no chance of a progressive income tax passing in this state until the pensions are dealt with. If the flat tax is raised then people will just keep leaving and the Dems will start losing power in more places as well. They can’t raise taxes much on businesses… Read more »
“If the flat tax is raised then people will just keep leaving and the Dems will start losing power in more places as well.” Democrats aren’t leaving the state because of higher taxes. The reason why IL has turn so blue is because the Republican voting middle class has left. The middle class leaving the Chicago area has been replaced with illegal and legal immigrants, all poor and voting Democrat, but the R voters leaving downstate are not being replaced. Democrats only stand to gain more power by raising taxes. Taxes will be raised to pay your pensions. And your… Read more »
You are a broken, dumb record. Many people simply could not pay a 10% income tax, as many people are barely getting by now. That will NEVER happen. You are dumb to even say that. I don’t live in Illinois anymore, so I won’t be paying anything no matter what it ends up being, but they will struggle to even raise it a few percent because of how high taxes already are and the fact more and more people will just leave. I am trying to get family to leave. The fact remains that by law there must be services,… Read more »
The amount of stupidity on Cap fax and here is astounding. You say only poor people will remain in the state, which would be true if things got as bad as you say, yet those same poor people who won’t earn enough to pay any taxes close to what you say will be paying a 10% income tax and the pensions as well. DUMB. I am retiring from comments. My mental health can’t handle this level of stupidity at this point. Arguing with this level of dumb is not worth it.