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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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LMAO: “Pritzker wouldn’t even consider engaging in ‘a backroom deal with wealthy people who want the laws to benefit them at the expense of working families,’ says a spokeswoman.”
This is literally Pritzker, himself, every-day, every-meeting, every-decision. He is a trust fund tyrant and a corrupt oligarch who has only further perpetuated the state’s demise. And the
entire Illinois press class has supported and enabled him every step of the way.
Pritzker is a repulsive human being, full of gluttony and avarice, and sacrifices to his only god, Moloch.
If This Is True, That Means Pritzker Chose Left Wing Agenda/Crooked Unions Over State’s Fiscal Health
Duh. Of course that’s what Pritzker chose. Every Democrat state and local office holder for the past 30 years has made that same perverted decision. AFSCME, SEIU, IFT, CTU pay their politicians gobs of money and expect results in return.
I would call it a RACKET!!
Dude, wake up. That is exactly what is happening and has been happening for a while.
And the strain of Dem in this state doesn’t ever deal in good faith. Ever.
This story doesn’t seem right to me. I have to think Griffin is smart enough to know that new hires are not an issue, so he would not be asking for something addressing them.. They have already been taken care of under Tier 2, which is a very bad deal for them. Nor would you need a constitutional amendment to change the deal further for new hires.
But Tier 2 benefits can be enhanced at any time. Their playbook is to re-amortize the debt first, then hide the enhancements in the new payment plan.
My lifelong teacher friend has a son who is a teacher. He moved to Illinois because his prior state, Florida, where he was an assistant superintendent for literacy for a county in his late 20’s, wasn’t progressive enough. So he moved to Illinois (admittedly to a great school district) to teach 6th grade. His mother, one of the 100k pension recipients, told him that Tier 2 was a lousy deal and explained how much he was giving up by moving to Illinois. His response was that the legislature would enhance the deal at some point to be like his mother’s.… Read more »