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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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Ralph is so full of himself. Discount everything this man says. He claims the Center for Tax and Budget Accountability is bi-partisan. It isn’t. Anyone there that claims to be a Republican is at best a RINO. It is a pension crisis Ralph, not a debt crisis. He blames, in part, the investment losses for the unfunded liabilites. If your fund managers are contributing to the hole then it is a pension crisis. He also completely ignores the negative effects of a 3% COMPOUNDED COLA. That is part of your pension design and it contributes to your hole…Chicago, you have… Read more »
Improving the system’s funding would increase “workers'” demands for higher pensions, benefits and salaries. The compensation packages are among the main reasons that the city’s and district’s finances are fundamental insolvency. Better for those who remain in Chicago to let the city and the district fail. Better for the taxpayers to avoid putting more money into the leaking bucket. Bankruptcy or its equivalent will lead to a fresh start and better preserve what’s left in the underfunded systems. Property taxes and civil disorder are already eliminating the equity that remains in much urban real estate, while the governing class looks… Read more »
Ralphie is back again. He’s not whining about his love of lavishing taxpayer dollars on teacher salaries. This time, anyway. Ralphie now endeavors to be Mister Cold Shower. He finally joined the sensible crowd in pointing out how Richard M. Daley was allowed to loot the pension funds during his years in office and there is simply no practical way out of the mess this has left in the wake of the political animals’ mismanagement. At the time, Hizzoner da Mayor sold the chumbolones his massive cash grab as a way to make people want to live and do business… Read more »
If you haven’t read the article, I’ll save you some time and tell you all it says: Just raise taxes and put into pensions. Nothing about how or how much.
Ralphie has now demanded that the same tax money be given to at least three completely different groups. Not sure how to spend the same dollar three times, but Ralphie says he has the evidence. I’m sure he has just as much evidence that Serial Liar Schiff actually has.
Raise taxes. The centering mantra of all democrats. No mention of re-thinking government so that the astronomical costs associated with horrendous services stops increasing every year. No mention of re-thinking the cost of these pensions and by all means, no mention of the fact that taxpayers are past their limit of the taxes they can pay for such garbage. Apparently, this genius Martire needs a college degree and a political NFP to come up with that idea. My God are you people incapable of seeing how you are being played. But hey what the heck, the White Sox may sniff… Read more »