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“Some states have an annual deficit here or there like for a recession or something like that, but then they get back in the clear,” Pew state fiscal health manager Joanna Biernacka-Lievestro said. “Illinois unfortunately is recording annual deficits every year.”
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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Normal people who look at data and facts, and don’t buy into the establishment media’s gaslighting, would call this ‘malfeasance’.
Where were all the ‘normal people who look at data and facts’ during the last election? It’s far easier to buy into the commercials touting ‘workers rights’ instead of the more factual descriptor ‘union dominance.’ Great PR from the Amendment One supporters – I mean, WHO opposes workers’ rights? Truth be told, there are so many distractions that average folks don’t have the bandwidth to read and research while earning a living, raising kids and trying to enjoy a bit of life. I get it, but we’re up against a behemoth that is hell bent on our subjugation … we… Read more »
Until unions are busted – both public and private – Illinois will continue running up a debt. Then the one state or city will stumble and the bond market credit card will be cut off. Leading to a cascade of State and municipal financial failures. Their cash will run out, IL will fail to make payroll and pension checks and then go running to the Federal government for salvation. This should have happened during the pandemic but Biden and the Democrats stole from red states and bailed out blue states.
“Until unions are busted – both public and private – Illinois will continue running up a debt.” It’s their constitutional right. Why are you so against the wishes of the people and their rights? The people of Illinois don’t want “right to work”. It’s been decided. “Then the one state or city will stumble and the bond market credit card will be cut off. Leading to a cascade of State and municipal financial failures.” It sounds like you are making the case for a bailout when the time comes. Otherwise a cascade of financial failures will ensue. Too big to… Read more »
Illinois will soon be the Greece of the US.
Detroit’s relativly small pension haircut was due to Obama. President DeSantis may not be so helpful to former Chicago public employees.
Getting rid of Herpes is easier than getting rid of Unions and greedy people of the likes of you. Illinois is DOA thanks to PPF and the likes of him. Sell your vote for a huge pension paid for by future generations. Union Thugs hire by government lackies get the job done.
There is a pension time bomb exploding right now. The spending is go nothing but up, up and away. Services will have to become almost nonexistent to be able to afford all the HUGE pensions that are coming due and will be paid for 30 to 40 years with 3% increases every year. No one can afford what is about to happen to Illinois. The government workers have stolen money from unborn children. This is only going to get worse until Illinois quits the pension system and starts 401K system like the rest of the country.
State of Illinois Total Net Assets 2008 – $16,322,000,000
State of Illinois Total Net Assets 2018 – $136,588,000,000
Not sure where these numbers come from or the point that you are trying to make, but assets alone don’t make up a balance sheet. Equity = Assets – Liabilities. If the assets of the state of Illinois actually did grow as you indicate, what is corresponding increase in state liabilities ver the same period?
Equity = Total Net Assets, from State of Illinois CAFR. Page down to the Financial section and the chart showing liablities.
You down voted the definition of equity and data from the CAFR because … ?
The details are interesting:
Expenses:
FY 2006 = $65M
FY 2008 = $70M
FY 2010 = $82M
Then, for the next 10 years, expenses hovered consistently around $80M until FY 2020 expenses skyrocketed to $92M. Maybe early Covid expenses? But the deficit for 2020 was $6 billion. Revenues over the timespan basically coincided with the raising/lowering/raising of the state income tax. Not sure what to make of all this except no one knows how to balance a budget.
That’s the flaw to government accounting (GASB – government accounting standards board) – it’s rigged to allow governments look healthier than they are.
We mere taxpayers and companies use the FASB rules (financial accounting standards board) that require full disclosure.
Hmmm… guess who makes the rules, the taxpayers or the government? Ding, ding, ding! You are correct! The government makes the rules that the government follows – the government also makes the rules WE must follow.
As in any gamble, house always wins.
Most of the media, however, will continue to print, unchallenged, politicians’ claims of balanced budgets and surpluses.
Now, THAT’s a real threat to democracy – a biased and unquestioning media.
This fits here but too long to post so go to the link
<<from a downstate paper>>
We tend to believe bald-faced political liars
https://www.thetelegraph.com/opinion/article/We-tend-to-believe-bald-faced-political-liars-17691189.php
the problems obvious, the analysts simply aren’t sipping the right flavored cool-aid, and using the rainbow & unicorns–mendoza math!! get with the program!!
Hey, we were beat by New Jersey!
Look for Pritzker to ask for another giant tax hike – to pay off the crooked union racketeers who got him elected.
… or continue to get nickel-and-dimed to death, such as with ever-increasing gas taxes and other fees. Wait, I was being optimistic. It’ll probably be all of the above (giant tax increases and nickel-and-dime increases). If it’s only one of these, I guess we’re supposed to consider ourselves winners.
Always have and always will overspend. They will do their best to lie and cover it up, but the truth comes out sooner or later. Illinois in its current state is DOA. No enmity can survive this kind of mismanagement. They are stealing from future unborn children who will flee the state once they grow up and realize what is happening to them.
But at what cost? The kids will set down roots here and find a million reasons not to leave.
And, unless the kids are educated outside public school system, will they learn enough to know what’s happening and not fall prey to believing politicians and MSM?
Our four offspring are in four different states now – because we encouraged them to get out before their young ones set down roots. The four states they moved to are SOLVENT and taxpayer’s contributions are supporting services rendered today, not 20 years ago.
The Illinois school systems are doing a great job of educating future long term residents…some thing to ponder on
All due respect, Pritzker, Durbin, Duckworth and the rest think they can hornswoggle a bailout from taxpayers just as Biden and establishment Republicans did for the private union bosses. The upcoming Federal Debt Ceiling is a hill to die on to stop this money printing insanity.