-- 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.
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Raise taxes to cover the increase in costs.
No one has sold more out of state real estate than the Public Sector unions.
YES, ACCELERATE THE STATE’S COLLAPSE!
Spelunking for misery. That’s why no one takes the super minority party seriously.
BRUH, no one takes Illinois seriously, and my opinion is shared by large swathes of the national population, yer spelunker for stupidity here!
IL needs a Tier 3. Perhaps that will be the result of this politically motivated lawsuit.
These are one-offs where previous Tier 1 participants started a new position in a different pension system but were moved to Tier 2 in that new position. They might have a case. I thought once a Tier 1 participant, always Tier 1 participant.
Tier 2 is not unconstitutional as the article’s title implies. However, their treatment moving between pension systems might be. But Tier 2 isn’t going anywhere.
If Tier 2 blew up, the state’s credit ratings would immediately nosedive and we’d be back in a budget crisis just as bad as the Rauner years.
Back in, when in the heck did we get out of a budget crisis?
JB is full of BS when he says there’s a balanced budget and claiming a surplus is just insane.
If states could file for Bankruptcy, Illinois would be in line.
I thought the issue with Tier 2 was that it might not meet the “safe harbor” requirements for those who get it in place of Social Security. If that is the case, it would mean the state would have to start paying into Social Security for those people in addition to raising the pensions.