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Ald. Jason Ervin, Johnson’s handpicked chair of the City Council’s Budget Committee, hinted strongly that the mayor would execute whatever his “plan B” is without going back to the City Council.
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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Just don’t pay it! State that you won’t be burdened by the past.
He should start looking under his sofa seat cushions or in a secret vault in a basement or as a last resort the Cayman Islands. Don’t ask taxpayers they are tapped out.
“It’s an accounting issue.” – Jason Ervin Jason might not be wearing a hockey mask, or is it the spraypainted Bill Shatner mask? I get my 80-‘s slasher film characters mixed up. The true horror of this situation is that Mayor Cliff Notes has spent himself into a corner. Now the political animals are raiding City of Chicago fund balances to try and hide their fiscal mismanagement. Meanwhile, the source of cash to be transferred remains nebulous at best. This is political animal management 101: Spend everything, then demand more from state and federal taxpayers. The correct course of action… Read more »
I guess Mayor Johnson did not get as many 3% vendor invoice cuts as he thought he would?
“Strike! Strike! Strike!” bleat the Marxist sheep. “ Bye, bye, bye!” retort the taxpayers.
It seems nobody wants to pay for pensions. Is that a bad sign for the future of pensions?
Pensions are criminally gained in racketeering collusion of Public Sector Unions with corrupt politicians in exchange for votes and campaign contributions (bribes). Quid. Pro. Quo. Illinois taxpayers don’t owe the pensioners a single stolen, grifter cent. Period.
Nope. They are valid legal contracts that have the full backing of the United States Constitution as well as the Illinois Constitution. They also hold extra protection with the Illinois pension clause. They will be paid and they will be paid first.
Keep dreaming PPF. Quid. Pro. Quo. A phrase that Mike Madigan certainly remembers and applicable here discussing Public Union/Corrupt politician activity. A reckoning is coming and the thieves will be tossed to the gutter.
Look at you spewing your latest legal term you learned. Unfortunately you don’t seem to understand the term and just keep repeating it. Maybe use google or attend a class at your community college to better educate yourself on this matter. Now try learning about contract law and the constitution that protects those legally valid pension contracts. Unions use political influence not quid pro quo. This is perfectly legal and acceptable. You would need to prove that an exchange for votes for the pension contract took place. Do you have such proof that shows pensions were enhanced IF union members… Read more »
Wow. Such spittle spewing anger. Sounds like you are a wee bit afraid that your taxpayer funded suckling teat may run dry for you. Pensions are criminally gained in racketeering collusion of Public Sector Unions with corrupt politicians in exchange for votes and campaign contributions (bribes). Quid. Pro. Quo. Illinois taxpayers don’t owe the pensioners a single stolen, grifter cent. Period.
No anger at all. I just love calling out the moronic comments and illegal solutions that so many pretend will “fix” things. You’re living in denial if you think these aren’t legal contracts that must be paid. I’m guessing it’s a defense mechanism since you know the state isn’t getting out of this debt and there is nothing you can do about it. You keep pretending though if it helps you cope. In the meantime, pensioners will continue to be paid and paid first.
Is that B as in bankruptcy?