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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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Bankruptcy Now!!!! No one with a brain in Illinois should be surprised by this absurd spending spree and irresponsible “budget” (and I count WIrepoints readers and John Kass readers as the dwindling number of Illinoisians with a brain). With Governor Rauner gone, Illinois Democrats have virtually nothing holding them back. Reason, Responsibliity, Financial Competence, Ethics, Shame; Pritzker, Madigan, Quisling Republicans and Illinois Democrats are unfettered by these trappings of sanity. Soon, once Connecticut defaults, the Bond Market will wake up to the looming and very predictable defaults of Deep Blue states and municipalities and bond rates will skyrocket. That will… Read more »
Zorn spends his time calling Republicans ‘liars’ for even suggesting that the graduated income tax might someday affect the middle class.
Today I read that he’s now a Sox fan because a conservative family owns the Cubs. I mean seriously, what is wrong with this guy? When then fourth estate is in the back pocket of the first estate (the government class) who needs any government at all? I mean, he’s a Sox fan now because he doesn’t like the conservative values of the Ricketts?
The state had 4.5 million votes for Gov in 2018. Like almost every other election, over 2,000,000 of them voted for Republican or Republican leaning parties (including the Conservative party and the Libertarian party). The Democrats had 2,479,000 votes. So Dems 55/ Repubs 45. Yet Dems hold a supermajority – aka 3/5th majority in both chambers. D’s hold 68% of the seats in the senate and 63% in the house. This is insane. This is about as bad as gerrymandering a democracy can get. IL Democrats get all crazy about Wisconsin gerrymandering and NC gerrymandering but then hypocritically ignore, how… Read more »
Girlllll stop hating