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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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Gov. Jelly Belly is in intense competition with Gruesom Newsom for worst governor in the U.S. Signing this pension sweetener is a major step forward in winning that contest. The big question is not whether we can afford the pension enhancement (we can’t), but whether this clown can buy another term.
What the CPS the Transit Authorty etc. don’t grasp is THE REST OF THE STATE DOESN’T CARE ABOUT OUR FINANCIAL PROBLEMS. So don’t look for any help from them . Get your house in order. The clean up crew isn’t coming
JumboJB is behaving just like Biden & Co. Chose the most irrational stupid bad deal for the people and tax payers and implement it. What this man did makes no sense and it feels again like the Biden years, grifting and confusing. One of two ways out – Tax the crap out of everyone left in the state…beg for a Federal bailout. Gee, which one do you think they will go for…yep – both!
Hmm.. oppose the city and lose a few votes in a city where nobody votes anyway or oppose rank and file union members and lose their votes? The choice was clear for the man with his eye on the White House.
I laughed when we left IL and saved $10K in property taxes. I laughed when Chicago elected Brandon as mayor. I laughed when Madigan and Burke got sent to jail. I laughed when Pritzker’s climate agenda caused electric bills to soar. I laughed at officials in CPS and RTA begging the state to cover their deficits. But this unanimously passed $11 billion pension sweetener is nothing to laugh at. Common sense tells you that Chicago can’t afford this new mandate when it’s already having huge budget deficits. Now I just disgustedly shake my head and wait to see the predictable… Read more »
Madigan isn’t in jail yet, will he ever look through bars is questionable.