-- Connecting the dots between our economy, government and business --
"After we worked together to achieve a balanced budget in 2019, our state, like all the others, was hit last year by an unprecedented global pandemic that has threatened the health and safety of Illinoisans and strained our state coffers. COVID-19 temporarily interrupted the progress we were making to undo the damage left behind by Gov. Bruce Rauner, who saddled state residents with massive additional deficit spending and caused the state to suffer eight credit rating downgrades in just four years."
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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The picture of Welch,Harmon,Pritzker they remind me of the Three Stooges.
Saying Illinois balanced the budget in 2019 is the equivalent of economists saying there is no sign of inflation after eliminating the price of groceries and fuel from their calculations.
Decades of fiscal malfeasance by dems is what caused ILs financial titanic to hit the iceberg … meanwhile its current Dem governor gives laughable statements about the budget being balanced and then rearranges the deck chairs…
While I generally agree with you consider the Republicans had a hand in it too…consider the pensions and the “Edgar Ramp” that had a lot to do with the pension mess we now face.
Very true. But it was a bi-partisan bill, and D’s have been in control of IL government for the decades since the Edgar Ramp.
Balanced budget in 2019? Who’s arse are they trying to blow smoke up?
Fred Flintstone mentions the credit rating downgrades. But he doesn’t mention that the only tool left to better the credit grades is to raise your taxes. Yes that’s right the credit rating gets better in direct proportion to increasing your misery. Moodys and JB collude often on how much misery needs to be inflicted upon the taxpayers so their precious ability to borrow endlessly is sustained. A downgrade in credit rating simply means that the taxpayers won that round in the fight. So don’t be fooled that a credit downgrade is really a “bad” thing.
Neither Rauner nor Pritzer, nor Quinn nor Blagojevich could truly balance a State budget.
The budgets were balanced using legal tricks.
Allegedly the last time a State of Illinois budget was truly balanced was sometime during the George Ryan administration around the year 2000 or so.
Perhaps someone can dig up the details.
What’s not on the agenda?
Truly balancing the State budget.
Another day, another blame game by Jabba. Seriously, the man has no idea what leadership is. Every single time he blames someone else for his complete and total failure. Not one redeeming quality in the man. Illinois deserves so much better than this loser.
Disagree. Illinois is getting exactly what it deserves. They voted for him and I wouldn’t be surprised if they do it again in a couple years.
He will win again. As long as GOP candidates feel the need to support Trump style candidates, Republicans will be locked out of Illinois decision making for quite some time. The type of candidate that appeals to the base is a complete turn off to most voters around the city and suburbs.
“As long as GOP candidates feel the need to support Trump style candidates, Republicans will be locked out of Illinois decision making for quite some time.”
Yes, gerrymandered maps have nothing at all to do with a legislative supermajority..nothing at all…
The two propositions here aren’t mutually exclusive or combative necessarily but additive in their effect. Reducing either influence would help the end result you want.
You can complain about gerrymandering until your hearts content. None of that has anything to do with a state wide election for Governor. I replied to LL about why JB would get re-elected. You pull out your favorite complaint about gerrymandering and move the goal post to talk about the legislature. Even if entirely eliminated the GOP will remain in the minority with more Trump like candidates. Would it make you feel better to be in the minority instead of super minority? Most people on this site complain but don’t realize that their favorite style of candidate is the cause… Read more »
Unfortunately, you’re wrong. Decades of gerrymandering, which has resulted in so called ‘elected’ Democrats (often without any token opposition candidate) misgoverning the state, caused many, many middle or conservative leaning voters to flee the state, or, simply stop voting all together. The fact of the matter is that gerrymandering is the root cause of this problem. The Republican voters most left the and those that remain are increasingly fringe, extreme left wing voters. Trying to put this on ‘Trump’ is stupid. Rauner – more or less – disavowed Trump repeatedly. Yet you continue to blame Trump. and he still lost… Read more »
Orange Man BAD……………FAT Man and PPF STUPID!!
“Decades of gerrymandering, which has resulted in so called ‘elected’ Democrats (often without any token opposition candidate) misgoverning the state, caused many, many middle or conservative leaning voters to flee the state, or, simply stop voting all together.” So your hypothesis is that gerrymandering has caused Republican voters to flee the state or just not vote all together. The only problem with that line of thinking is the numbers don’t back you up. Republicans received 1.713 million votes in 2010, 1.823 million in 2014, and 1.765 million in 2018. Democrats received 1.745 million in 2010, 1.68 million in 2014, and… Read more »
Your own data above shows the hemorrhaging. You can’t cherry pick 2020, a high turn out year for both parties, and deny the 30 year long trend, and claim the Republicans have been here all long. If you go farther back during Madigan’s reign, IL is hemorrhaging Republicans while gaining massive numbers of Democrat voters. Reagan had 2.7 million votes in 1984, and by 2016, during 32 years of Madigan’s reign and gerrymandering, Illinois had only 2.14 for Trump. But two things can be true at once: Democrats have turned out hundreds of thousands more voters each election cycle, up… Read more »
Election fraud. Trump got the vote of actual living breathing Americans. Even California was red before the votes routed through China.
Even California was red??? Wow are you delusional.
Trump style candidates? Rational ones?
All of Illinois problems are caused by it’s Democrats – they own it 110%. Stop the partisan blather and admit the Democrat failures.
Actually, bond holders should be paid first. It was the way things were done before the Obama administration “saved” the American auto industry and bonds issued by Chrysler and the old GM lost all value.
Did bondholders get paid first in Harvey, IL? Last I checked Harvey defaulted on their bonds but yet pensioners are still getting paid. You’re also correct that GM pensioners were ahead of bondholders. In my opinion bondholders and pensioners both will be paid before other obligations. Politically though pensioners appear to rank ahead of “rich fat cat” bondholders. Hence, pensions paid first.
“Hence, pensions paid first.”
Until that’s ‘inequitable’ and Harvey decides to keep Harvey’s money in Harvey instead. That day is coming, I can smell it in the air….