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If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
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.
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Why not fix it once and for all by simply having State et al employees become part of the Social Security system. Naturally that would prevent the politicians having access to the funds for their pet spending programs…and there you have it…the politicians want their slush fund
Bankruptcy for the city and stiff the workers and retirees responsible for the mess. Cut some pay, curtail some pensions, lay off the excess employees. With Trump in the wings and control of new Congress and the Supreme Court there will never be a better chance for a Chapter Nine or a Puerto Rico type emergency law. This would be more humane than putting them all on welfare and most of the burden would be borne by the millionaires among us.
Taxpayers are on the hook and this reform means $5 billion more is needed. Bankruptcy is not on the table even with your messiah in the White House. They are improving pensions and not cutting them. Get over it.
Dismissiveness is typical of the Woke but (if you haven’t noticed) that tactic is on its way out. CNN RIP. Federal oversight is a possibility — we’ve seen it with police departments. “The Office of Inspector General (OIG) is responsible for federal oversight of the City of Chicago. The OIG aims to stop corruption and hold the city agency accountable through investigations. The OIG is an independent, nonpartisan oversight agency that promotes economy, efficiency, effectiveness, and integrity in the administration of programs and operations of City government.” There are serious economic and social problems in Chicago, no? Likewise, the school… Read more »
Glad to see you back, Pensions Paid First
You can’t be right: there’s “no evidence.”