-- 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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It is only taxpayers’ money, so who cares???
It’s the exact reason it has to fail.
Isn’t Stacy collecting a couple different paychecks and benifit/pensions as well?? I believe comrade sharkey was as well?….its all part of the ctu/fake-progressive equity hustle shakedown raketering plan
If you were in their position(s) I’d bet you’d do the same. You’re umbrage is blaming for someone following the rules. Yes, they may well have had something to do with crafting agt least some of those rules, but in each case others surely were in agreement with such rules as well So, aren’t you essentially blaming them for being smart? Now, aren’t you equally smart? If so, I’d bet you’d do the same if you were walking in their moccasins.
No, they’re all phonies.
Is there any other big city where you can move from a dirt road in Maine or hardscrabble Elgin (haha) or wherever. Teach for a couple yrs. and then move on to a career zooming around as a fulltime sudo-socialist equity hustler while making way over $160k w garenteed zero risk $ multi millionaire gov pension deal from several different gov entities…..ALL ON THE CHUMP TAXPAYERS DIME???….and the desperate libtard press loves you….and not call anything other than what it is —A RACKET!!!
I agree 1000%, its a RACKET for sure.
More and more Illinoisans realizing this finally and voting with their feet and leaving Taxistan.
And have $millions$ in what’s originally chump taxpayer $ to use for your mayoral run
With a million debats….& as former cps parent (and yes product) from years ago. I would love it someone would ask if ctu/Brandon actually uses the NEIGHBORHOOD schools for his own kinds. Same for Stacy. We know sharkey had all his kids in selective enrolment.
The rules attract grifters, that’s the problem we have that other states don’t have, and that’s one of the primary reasons we have the problems that we have. Wisconsin has far stricter pension rules and government ethics rules and it’s in far better shape because the politicians are not nearly as corrupt. The biggest deal in WI in previous half-century (excluding McCarthy, who was right, btw) was Scott Walker, who busted up a couple of unions. He is a lightweight compared to Madigan or any of the other IL corrupt politicians.
I agree. But, rue it or not we are where are and not likely to start turning the huge, weighty Battleship IL all that swiftly to start a new course.
The battleship could be turned on a dime if even a fraction of general election voters showed up for the mid-terms. But they don’t. I beg and plead some of my friends and family to vote in the municipal and mid-term elections and they stare at me like I’m a crazy person. That’s where the Republican Party needs to start registering people to do mail in ballots and follow up with them to make sure they return the ballot. Maybe the IL Republican Party is doing something, maybe not. They’ve stopped sending me emails begging for $20 a month, like… Read more »
The consistent message:
Intelligence consists of figuring out how to gain enough power to be able to set the rules in one’s favor, at the expense of everyone else. And then acting upon every loophole in those rules.
Correct, Just like Karen Lewis before her, Stacy gets a paycheck from both CTU and IFT. What she does for IFT to warrant a $70,000 salary is between her and the union members.
I wonder how many benefit/ pension deals Vallas is applicable for with all the different gov gigs he’s had??
Since Vallas bounces around from district to district, he might not have stayed long enough in any single one to reach minimum vesting rules.
He will be part of the largest generational theft in the history of the World.
Stealing future earnings from Unborn children.
He will be singing “Punta Gorda, Florida here I come”. Time to buy a nice luxury home and luxury car and join the Yacht club. Out to dinner 5 times a week all on the Illinois taxpayer.
Going to live the good life and play golf with all the Chitty of Chicago Cops and firemen.
Maybe someone will make a fortune by making pinatas of you face.
Brandon is a text book example of all that’s wrong with Chicago. If he is elected then Chicagoans deserve all their going to get.
THIS is the problem with the pensions in IL…
People in do nothing patronage jobs, not paying their fair share & collecting what they did not earn…
Or politicians collecting several pensions…
But hey, lets demonize cops/firefighters/ & other municipal emloyees (people that actually earned it) as “Punta Gorda” grifters…
They have to demonize them Joey. They could clean up all the thing you mentioned above but in terms of actual dollars it wouldn’t provide much in terms of savings. The city and state have not provided adequate funding for what they agreed to pay out. More taxes are necessary and that always upsets people. Many people that chose their careers years ago turned their nose up at public service jobs as there was little upside in terms of financial benefits. Many people viewed those jobs as something people with little ambition or drive chose. Now 30 or 40 years… Read more »
Public Service? Most students cannot perform at grade level. That is Schitt Service. PPF you are one of the many who will steal money from unborn children. Be proud of it, I do not know anyone else who has figured out how to do that.
Actually you likely know various people who are doing that by taking on excessive debt. Every time a parent dies with an outstanding debt it is the responsibility of his/her heirs to pay that debt. That debt simultaneously becomes an unrealized asset to the children of those heirs by extension. Stealing from unborn children is the result, isn’t it? LOTS of greedy parents who take on financial debts beyond their ability to repay do that sort of thing. Shame on them!
Debt owed by parents are the responsibility of the estate not the heirs. A parents debt would reduce the amount that is passed on to the heirs but if there isn’t enough money in the estate, the debt will generally go unpaid.
Correct, and that omission occurred to me only after sending my reply. Still, psychologically all immediate heirs forever remember the big house, farm or business they naively thought belonged in whole to the deceased and had likely assumed it was debt free. In that oft-held warped view of the deceased’s estate the heirs truly feel they lost something that should have been theirs, and many carry bitter stories about the taking of such property for decades to come. Of course, that payment of debt is required and not an actual loss to the deceased’s equity.
Pensioners aren’t stealing from unborn children. The legislature and the voters have supported politicians that want to borrow money each and every year and have future taxpayers pay for it. Just last year the pensions were shorted $4.4 billion dollars and I’m not aware of you or too many others that are demanding that we stop borrowing. No, the problem you describe is caused by the voters. People like you that don’t want taxes to go up to pay for it so you’re hoping that you can short the system and then move away. Irresponsible voters like you are the… Read more »
PPFtard,
So you are recommending for the ARC being made every year to fund da golden pensions of the Illinois public sector.
Guess where the State of Taxistan will get da money for the ARC?
By raising the already high income, property, sales, etc. taxes in Taxistan.
Cause – High taxes
Effect – More and more Illinoisans voting with their feet.
I voted with my feet over 20 years ago and got out of Taxistan.
My bank account has an extra $200K in it due to the tax savings!!
Da Judge
It is not caused by voters when elections are rigged. If you think this situation can not fail you are sorely mistaken.
Good summation – politicians promised more than they were willing/able to resource. Heck, politicians from 10-20-30-40 years ago who took ‘pension holidays’ aren’t around to answer for their malfeasance. Classic ‘kicking the can down the road’ behavior – still in popular use today.
I’m sure it’s just coincidental that money spent on education soared during that same time period.
Most elected positions should not have pensions. Maybe position like states attorney and sheriff, but not GA members, county commissioners, town mayors, etc. Put them on social security and call it a day.
Consider if a backdoor for term limits. If someone wants to spend their entire career in politics, they can fund their own retirement.
Bingo! I given that point of view at times, too. Pensions give an elected office holder undue incentive to do “whatever it takes” to get re-elected, many times well past their creative, independent-thought years. That’s an obvious source of potential trouble and likely explains a lot of problems.
Johnson is the poster boy for Illinois crooked corrupt gold-plated pension Ponzi Scheme — where actual work counts for nothing — while bureaucratic paper shuffling, union racketeering, and ghost payrolling are rewarded with lifetime support from the taxpayers