-- 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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The huge overly generous pensions have destroyed the Chitty of Chicago for generations.
City need full fiscal colonoscopy to detect waste, fraud, theft, corruption
Hey I’m sorry to tell you Illinoisans that still got your heads in the sand. Your state is financially unstable. You have 2nd highest property taxe$.(2.2%!) Some of the worst roads in country!(((where’s that property tax $$$$ really going?)))In LaSalle County, I know for sure you will get ticketed if you burn your own leaves in your own yard. Leaf $tickers!!!! yes! it’s a real thing in this hell of a hole. The government employees all the way from local city halls to the courts are all fixed to suck the taxes and hard earned currency from the soul of… Read more »
I have a medical condition, constipation of the brain, diarrhea of the mouth, that’s why I spout all the nonsense you read in my comments. I’m just a miserable, failed, angry person who has no life, no friends and no reason to be happy. I wanted to be a cop, failed the rest. I wanted to be a fireman, I failed the test. I thought about a teaching job but I’m really dumb. I know most cops, firemen and teachers only work about 5 yrs, retire at around 30 and collect pensions of around $1million a year. Plus they get… Read more »
Don’t worry just thank God you were given a brain unlike the brain dead Illinoisans who surround you
Chicago police Sgt. Ronald Watts framed dozens. Hear their stories. (usatoday.com)
Lying and covering ups for each other is what cops do till the get a huge pension.
She thinks about how more than a dozen members of Watts’ crew still receive a paycheck from the Chicago Police Department. “I don’t think that that’s fair,” she said.
LOTS OF OTHER COPS KNOW ABOUT THIS AND DID NOTHING. For almost a decade, Watts and his team preyed on innocent people at the Ida B. Wells Homes public housing project, where they extorted money and planted drugs and guns, knowing their victims – largely Black and low-income residents – wouldn’t be believed, said Cook County State’s Attorney Kim Foxx. “He was asking for people to pay a tax, if you will,” said Foxx, who has repeatedly sent written statements and held press conferences on the misconduct allegations and the steps her office has taken to rectify the harm Watts… Read more »
The average pension of a cop or firefighter is worth over $5 million dollars, and the taxpayer pays for it. Overly generous pensions are not affordable by the hard-working families of Chicago. When someone takes too much someone else get much less.
Well then why did the voters vote for it?//
Because the voters of IL are brain dead. Did you know 1/3 of population was on food stamps BEFORE Co-Vid?? Real productive Illinois. Keep up the good work.
More lies from Poor miserable jealous uneducated Taxpayer. Median pension in 2021 for a retired CPD officer is 64k. Even if these officers retired at 51 and lived another 30 years the net present value of the pension with a 7% discount rate makes that pension worth less than 1.1 million. That’s including the 3% increase every year. A far cry from 5 million for the “average” cop. Even if they lived another 35 years the NPV would be less than 1.18 million. I’m sure math is difficult for you PT so NPV probably looks like voodoo to someone with… Read more »
PPF – agree data is important. Query what the average CPD pension is for those qualifying to retire in 2023? Pension obligations are pension obligations, irrespective of retirement date. But it would be helpful to see the trend by capturing the 2023 data.
Risk Free trades at 2%. Current payouts are much higher than you stated.
Like to lie with the numbers just like a government Lackie. But the good news is the pension time bomb does not lie, it kills.
There’s nothing wrong with Chicago that another century of Democratic Party rule can’t fix.
Just go bankrupt and let the courts deal with it. Chicago is DOA, it is not if it will fail, but when. Such a shame for a once great city in now a place to run from and avoid. Government worker greed and lack of work ethic is the main cause of the failure.