-- 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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BR is the only credible and comprehensive, fair solution, and it works. It has to take place at all levels of Chicago and Illinois governments now. Then hope will return (as it has in Detroit) and people everywhere can know the end is in sight, recovery can begin in earnest. Denial by the state, governor, city of Chicago government is clearly not helping. It will take a combination of legal, financial, political actions. It starts with people getting $300000 annual pensions should be capped, no one gets more than 50-70-80K/yr, since many will lose who financially support Chicago, Illinois today.… Read more »
Bankruptcy is not an option because states cannot declare bankruptcy, certainly not without new federal legislation, and even then it may violate the U.S. Constitution. Does anyone seriously believe such legislation will happen if it would require that Democrats permit retirees to be shortchanged, and Republicans to allow a federal bailout of multiple states?
Debts that cannot be repaid, will not be repaid. Pensions, and abortion, are the two most important issues to Democrats in this state. The state will default on all its other obligations, its bonds, its services, its salaries, its Departments, the state government will decay, and collapse, just to ensure that the pensions get paid and abortion remains celebrated everywhere. However, by the time the state reaches this point, it won’t be place anyone wants to live in, and there won’t be anyone left to pay the pensions.
I agree, of course BK is best option considering all stakeholders, especially the vast majority of tax paying citizens. However, the Democrats will choose the “Scorched Earth Death Spiral” process, raising taxes, cutting services, declining population, wealth fleeing, business fleeing, raising taxes, ect. ect. rinse repeat until they are forced , by voters or feds.
I like this part:
“Is the purpose of government to collect taxes to pay people who have the status of government workers so they can stop working in their 50s and live the rest of their lives in comfort? Is that the purpose of government?” he said “… If the average person is making $65,000, I’m not going to pay someone $90,000 or $100,000 or $120,000 or $350,000 a year not to work for 40 years. That’s called feudalism. That’s not a republican form of government.”
Yes, and elected Democrats have fiefdoms. Sandoval’s (D-Federal Prison) district was redrawn to ensure he had no primary challengers in 2002, and Sandoval ran unopposed by Democrats in all his primaries and Republicans in all the general election until he resigned earlier this year.
This is a not democracy. Madigan carved out a fiefdom for a loyal ally.
True. If I’m not mistaken there is no room on the ballot for write in candidates. No fill in the blank. If they are unopposed there are no options available for voters in most cases. Leave it blank they are in. Fill it in they are in. If no one shows up to vote they are still self-elected. Sounds like North Korea.