-- 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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Its fun to watch the other State’s taxpayers paying for the Illinois mess.
Democrats support all of it so lets back off and laugh at the humor of it all.
LOL and brought to you by the Illinois voting base.
It’s funny, the far left policies of the left are likely going to cost them the House, and then there won’t be anymore bailouts on the horizon from Uncle Sam. Watching King Pritzker try to tap dance through the minefield of massive revenue shortfalls will be priceless.
Back to blaming Rauner.
Illinois, Cook County and Chicago financial collapse is inevitable. And the slashing of public sector union pensions and benefits is equally inevitable. The arrogant scum of SEIU, CTU, IFT and AFSCME can pointlessly scream “State Bankruptcy is Illegal” or “Democrats will never let it happen” or “only the bondholders suffer” but reality will soon hit them. There arent enough elections to steal or politicians to buy to stop the relentless arithmetic. Like piglets squealing in fear of removal from the taxpayer funded teat, the Democrat/Public Sector Union criminal collusion and thievery will come to an end.
Will it be a 5.5% cut like Detroit? Maybe a 0% cut like PR. So scary. Instead Illinois taxpayers just gave every pensioner a 3% pay raise today. Sure many commenters on this board will squeal like a pig but the raises will continue every January.
Ya but guess what ppf I I just received 7.8% shove it pal your fixed at 3% so I think I made out pretty good
I’m happy for you FUN. Unfortunately, pensioners are suffering with low raises this year. Hopefully our leaders recognize this terrible burden and increase the compounding percentage.
Pretty soon, you will be funding your own pension PPF. Everyone gone and balanced budget amendment will save you.
Yea Yea Yea! Porky and Lori just look at each other and shrug! It’ll be screwed up forever and both know they’re just a foot note in Illinois’collapse.
Actual or simulated Chapter 9 proceedings are simply another form of kicking the can to purchase a few years of political peace. EXAMPLE: Detroit’s bankruptcy provided a 10-year holiday from pension contributions which was recognized to lead to a “pension cliff.” Recently (12/2/21) the city petitioned for the bankruptcy court to hold its chapter 9 proceeding open indefinitely. A few reasons are given including that a number of factors in the original bankruptcy (e.g., actuarial assumptions) were “misleading.” [Perhaps politically calculated to achieve a short-term objective.]”** It looks increasingly as if another Chapter 9 will be needed in Detroit to… Read more »