-- 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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Financial morass or not, Brandon had better sign a new contract with the CTU this week. Stacy didn’t buy the mayor’s office for him just because she likes his personality.
Johnson campaigned as a progressive with all these ideas, plans, and programs. Now that he won, reality sets in and time to put up or shut up. It’s easy to promise all this before the election, but let’s see what you’ve got now. Same goes for pre election Kamala with all her flip flops.
No morass. There is always more tax money to be squeezed from the peons. Your slave masters are not concerned. They know that you are such docile beasts of burden unencumbered with either intelligence or self respect that you will pay whatever you are told just to keep the few crumbs they let you have.
Free – you are correct that taxes will increase. But even with increases the morass is real. Johnson doesn’t have it within him to cut – and to make cuts to make any difference they would have to be significant. I don’t think the City can sustain a 16.6B budget without a vibrant downtown and business climate. Neither of these conditions will obtain during the Johnson administration, or even for years thereafter. And as Mark Glennon has pointed out, the City’s overall finances, including pension obligations, have become severe over the last 20 plus years, making predictions about any turnaround… Read more »
To the downvoter I take no joy in this predicament. My roots in Chicago are very deep and it is such a shame seeing the numbers become so troubling. Math does not discriminate on the basis of political affiliation. To give you some perspective, my father was a director at Price Waterhouse in the late 60’s and I could take the train to Union Station and walk to the old Prudential building at age 11 in complete safety (obviously did not go during the 68 convention). When the Sears Tower was built it was a source of pride even thought… Read more »
I’m curious as to what type of idiot would down vote your comments and why? It’s that type of a moron that has caused the problems in Chicago and Illinois. They ignore all the problem signs as long as they can get drunk and watch the cubs game. They willingly accept their slavery.
In the mid 70’s at age 12 my parents would drop us off at Harlem and Addison and we’d take the bus to Cubs games. Would anyone let their 12 year old do that today.
Not to mention METRA running out of money and the ongoing negotiations with Chicago’s teachers’ union that will dramatically increase real estate taxes.
Best guess, municipalities will implement their own 1% grocery tax to make up the shortfall, then, sometime down the road Pritzker or the next governor will reinstate the 1% tax (or more) and municipalities will not cancel their 1%.