-- Connecting the dots between our economy, government and business --
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
So let me get this straight. You can’t fund the pension promises already made. So this genius comes up with the great idea of making the size of the unfunded liabilities much larger. Your “constitution”, Amendment 1 and your bought and paid for supreme court and general assembly preclude any idea of reducing that liability. Only a few conclusions can come from such a proposal. 1. The person proposing this and her party could not care less about how this gets paid or who has to pay it. 2.The person proposing this and her party don’t care if this ever… Read more »
I would go with all 5 as well, they are all true and correct. I would also add a sixth condition; the legislators and the unions know that a bankruptcy is a real possibility, and they are raising the pay levels as high as possible for the eventual haircut and shave that will occur…
Just keep digging apparently state hasn’t hit bottom yet.