-- 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
Don’t expect Mayor Johnson to have any inhibitions concerning raising taxes and fees. His preferred constituency don’t pay them anyways, and his progressive-elite supporters have ability to deflect charges via residency-changes. His “advisors” have already concocted plan to “get the money”. All what’s left is for City Council to bless the new plan for extra-extra revenue generation, and after earnest aldermanic rhetoric is spewed for media-consumption, new taxes, fees, and fines will be duly ratified for enforcement upon the declining middle-class residents of Chicago.
In these circumstances, you know – when you’re trying to get 0 + -1 to equal $2.8 billion, I suppose BJ’s comforted by the fact that he can rely on Chicago Public Schools and the Chicago Teachers Union to avoid teaching students how to add.
Illinois’ crooked corrupt unions have weaponized a bloated fraud ridden pension system to systematically bankrupt the state
It is amazing that 10% of Illinois population can basically bankrupt the state and Sheeetcago!!
OMG, what a load of bs!!!—“Lee said that is based on Johnson’s “lived experience,” as a former member of the Chicago Teachers Union who worked as a teacher and and an organizer.
“He knows what it is like,” Lee said, to “choose to serve” and accept a lower salary in return for retirement security. “Honoring that commitment is nonnegotiable.”
Sheeeetcago homeowners, bend over and grab your ankles.
Mayor BJ is bringing higher and higher property taxes to you good and hard.
Glad I voted with my feet over 20 years ago and left this Dem controlled cesspool of a state.
My bank account is $200K fatter due to my smart financial decision!!
What fed officials has offered Brandon potential solutions?–“Johnson has been pleased by the willingness of state and federal officials to collaborate on potential solutions, and has gotten “good ideas” from the business community, Lee said.”