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After decades of corruption and chronic mismanagement, chicago might be ready to admit it has a problem — and its far-left crony mayor pushing the city to the brink might trigger a revival.
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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14% approval rating? That’s painful. Unfortunately every 4 years Chicago elects a new nitwit.Look at who came before BJ. As for bankruptcy, the city’s income has already been pledged to bondholders. The ratings agencies get paid, the issuers get paid so why change a thing? Can’t get out of a hole with a shovel, you need a ladder. The city will never hit rock lobster.
Well written article but it makes many foundational assumptions that progressives don’t necessarily share. Berg’s basic premise is that the city is not well-governed and a charter could alleviate some of the problems. But underlying is the false and incorrect assumption that the residents of Chicago possess and share some universal sense of civic duty to the polis, and the residents themselves want a well-run city but like a Mr. Magoo, keep haphazardly electing inept politicians. This is not the case. The progressive does not share your values. They don’t care for well-run cities. They want revolution, they want to… Read more »
Absolutely correct. The progressive filth populating your state like cockroaches want total destruction. They have no vision for a future. They just want to tear it all down and watch it burn, and if they can cause much pain for their perceived enemies that is just a bonus. Because they do not acknowledge God, they are just nihilistic trash.
Zimbabwe and South Africa are prime examples of where the city is headed. After they destroy everything they’ll look around and say “look at these nice things we destroyed”. And then move on to the next item on the agenda to destroy.
Good point that $300M from a property tax increase would only cover 1/3 of projected $982M deficit. But where does this go?! Johnson is organically incapable of cutting employees. It is doubtful he can even obtain the $150M he is now seeking. What will happen? Pension payments skipped (a horrible idea)? Vendors stiffed? More borrowing to cover operating expenses, a doom loop move if there ever was one. CPS has similar problems, except that Johnson will enter into a contract the schools can’t afford. Again, what happens? The State’s politicians won’t let the City declare bankruptcy. Some sort of logic… Read more »
All of the above will happen. My guess is that he’ll sell off whatever asset remain to private investor consortium and then he’ll loot the rest for himself. I have no doubt that Mayor Johnson’s basement is filled with unopened boxes of toilet paper and staplers he pilfers from the 5th Floor storage closet, because he’s looting every asset he can just because he can.
CTU is like a drug addict, they have to hit absolute bottom before things get better.
It’s just a question if CPS can declare bankruptcy or Chicago has to, way overdue.
Let a bankruptcy judge dissolve all these contracts and start over.
The Chicago teachers don’t currently have a contract. That’s what they are negotiating right now. You don’t need a judge to dissolve a contract that doesn’t exist. You can start over right now with the current negotiations.
Start with a lockout and stop pay and benefits. The parents and students are already being maximally harmed by the system. A month or two of recess in cold weather might be fun for the kids with the added benefit of discouraging picketing.
IL/Chicago don’t have a ‘revenue’ problem…
They have a ‘spending’ problem…
Not unlike blowing the mortgage payment at the casino…
They spend & spend & spend on all kinds of programs that fail miserably…
They continue to fund the illegal invasion, reward incompetent teachers with huge contracts, while neglecting their own citizens distress…
It’s been the (D) platform for decades, only because they we able to garner enough votes thru these ‘payoffs’…
Maybe this last election will begin to shake their house of cards enough to collapse it…
One can only hope…
A watershed moment was when Rauners modest yet common sense reform, which would have yielded ongoing dividends for all taxpayers, was denied by the IL Supremes pretty much on the basis that the state has the ability to confiscate private property, so just keep raising taxes. It’s this kind of Marxist thinking in the institutions of IL that have doomed the state.
I don’t remember any Rauner reforms that were rejected by IL Supremes. What reform did Rauner get passed through the GA assembly? Hell, what did Rauner get passed for anything?
Here’s an article from the Tribune about CTU demands.
https://www.chicagotribune.com/2024/11/21/cps-ctu-contract-impasse/?lctg=7406E5767564D42F94AD1401A1&utm_email=7406E5767564D42F94AD1401A1&active=no
Hey, wait a minute – Pritzker and Johnson promised that higher taxes, a large illegal immigrant welfare class, out of control violent crime, rotten public schools, well fed and pampered public employee unions, access to third trimester abortion, infanticide, and sex change operations for the mentally ill would be a utopia! What’s wrong with you people!?
One more—If you rip out your toilets no more property taxes just like the gov did as an example. He showed us the only way for property tax reform. Port-O-Potties and Outhouses for everyone. lol.
Excellent piece here by Austin Berg. And it sure does appear that the fat lady is warming up over Chicago.
Biden sent more millions to the Ukraine the other day. Wouldn’t you think he would have helped out his liberal brother that runs Chicago Illinois?
Chicago didn’t funnel Joes son and brother with millions of dollars.
NO, it is not about to hit Rock Bottom. The DEMS have an infinite ability to constantly reach never ending new lows.
I highly doubt that the idiots who live there will stop digging once rock bottom is reached. They are like leeches or cockroaches. There is absolutely no intelligence there. Just invertebrates satiating their primal instincts.
When you hang around all day amusing yourself while waiting for the next hand out, you really don’t care about the place falling down around you. Just so long as you get that bi- weekly payout. When that stops, look out man!
A revival that’s NOT preceded by destruction? I’m not sure about that.
Nothing that more taxes can’t fix. After all, that’s all these idiots that control Chicago have as far as ideas. In addition, the sub-moron leeches known as Chicagoans don’t care and are not capable of understanding any of this anyway. Just raise their daily quota and the slaves will meekly work harder to keep their little treadmill going. Give them some bread and circuses and they will acquiesce to anything. It’s quite a study on how a few masters can control their slaves and have the slaves not even realize they are slaves. They are even happy being used as… Read more »