-- 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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Someone quick, hand me the barf bag
I couldn’t keep up with all the new JB speechwriter name calling zingers, but ‘fascist freak-show fanatics” was a giggle
Same. It perplexes me that they believe this has appeal nationally.
2 terms and probably a 3rd term ugh, and nothing has been done about property taxes, has anything been accomplished by his commission that was formed , no. All this individual does is lie balanced budgets now that’s a laughable one. Illinois is totally beyond fixing in my lifetime and probably my children’s time and possibly my grandchildren now that’s disgusting and disheartening.
amongst other things, when he claims all those supposed “balanced budgets” no mention of the countless fed ARPA-COVID $billions$ state received??
Some of those other things being raiding other funds and underfunding pensions. And BTW, where the hell are our audited financials? The last period for which we got them is now exactly 3 years ago. Press doesn’t say a word.
Wow. 3 years of no financials. Perhaps the delay is shopping the Accounting Firm Auditor market to find one that will simply agree with their narrative and results. Then figuring out how to hide the giant fee.
In reality, the state financials likely are in a condition that they can’t be audited…with the influx of covid money and other federal funding coming in and then the way it was likely spent by the state…nobody wants to turn that rock over…
Big picture, he’s not making clear to dopey taxpayer the GIGANTIC tax increases that will have to be made to cover all $billions$ in hires & spending with ARPA-COVID bucks that was supposed to be for ONE TIME funding but where used for permanent spending. With ZERO LAYOFFS of are public sector class. With ZERO spine to stand up to machine. On top of all the other state debt/pension debt/ fed cuts/ medicaid cuts, etc, etc……all he can do in 3rd term is blame DJT and use SALT cap lift as political cover for GIANT graduated/ millionaires tax & increased… Read more »
Abandon all hope, ye who pay taxes in Illinois.