-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
End all pensions and put an end to the blood suckers. Let them save on their own. I do not think most know how to do that.
“ F You! Pay me!” say the perpetual pension pigs.
Teacher pensions should be in line with the private Sector. Not able to collect a pension until they have taught for 10 years. No more than 50% of their salary from 5 years prior to retirement. Cannot work for schools in any capacity while taking a pension. Only acrue pension time while actively teaching- no time accrued while on leave or when withdrawn from union.
“Teacher pensions should be in line with the private Sector. Not able to collect a pension until they have taught for 10 years.” Done. That’s exactly how tier 2 pensions work now. “No more than 50% of their salary from 5 years prior to retirement.” The article is talking about raising tier 2 benefits as they may run the risk of violating safe harbor. 50% would be a cut and would more likely run afoul than current tier 2. Although your suggestion of 5 years is more generous than tier 2. “Cannot work for schools in any capacity while taking… Read more »
Deb same rules as you mentioned applied to me when I was working in the Railroad industry especially the accrued time and it was watched closely.
I would add the pension should be based on the average salary during their working career not the 4 highest earning years out the last 10. This way any spiking of unused benefits like vacation or sick time will not increase the final amount.
No government pensions. SS, just like the most of us.
And then watch it all go bankrupt, Martwick is nothing but a weasel, notice he said if teachers prevail in a lawsuit Martwick talking out both sides of his mouth he’s not even sure. Martwick has not provided any hard facts or any other politician in Springfield that the Safe Harbor act is being violated, but we all know when the Illinois Unions speak and holler Springfield politicians crap there pants.
Block Club showing how one sided/ strap your knee pads on for the machine reporting is done, WOW!!!
Really makes one wonder, are supposed ‘new outlets’–like ST/WBEZ, WTTW, Block Club recieving $finacial donations for writing such blatantly one sided pr pieces like this one for the machine? This articles so one sided it’s hard to write it of to lazy incompetence.
Of course they are mostly financially supported by the Democrats. How else would they stay in business? The USAID exposure showed this with Democrats buying off Politico and AP (that we know about so far) with money laundered taxpayer money so it is reasonably inferable that it happens locally too. With Illinois taxpayer money.