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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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Just cut back on pension contributions.
So you are looking to rob from unborn children again. That’s what got Illinois in this mess to begin with.
Rumor has it the state isn’t too thrilled with the unborn.
Now that the Red State bonanza is nearing depletion, it’s back to the same old issue of IL Democrats shamefully just spending and taxing. But this time, there is no more boogeyman to blame for their malfeasance.
“The report’s final piece of advice: “The State needs to continue to show fiscal discipline and demonstrate that the results of the past few years are not an anomaly.”
How can any serious analyst write this with a straight face? The bonanza of federal COVID funds that produced the supposed “fiscal discipline” are the very definition of an anomaly.
PFF told us we had record revenues? what happened?
All Government Lackies are a leach on society.
Both can be true. This is from all the spending that is occurring but you already knew that. I was the one advocating taking the additional revenue and piling it into pensions instead of new spending. But keep playing dumb as is your brand.
Playing dumb? I’m not the guy who celebrated record revenues that didn’t keep pace of inflation!
No money for pensions, soon to be cut big time.
When? Always with the predictions but nothing with a time frame.
Plenty of money for pensions. The state is collecting over $50 billion per year in revenue. Maybe not enough money for all the other spending the state wants but plenty of money to pay pensions.
No chance of that, people will leave the state if they get nothing for the highest taxes in the land. Best of luck sucker. I am out of here soon taking with me over $40,000 in tax money the state will never get in the future.
The voters have spoken, you say. They want more taxes, you say. Maybe that is true. Those same voters have been speaking for years. They want that money in their own pockets, not funding pensions. Seems they couldn’t have been more clear about that message with the most recent election. Ah, but IL Supreme Court has ruled that the pensions represent a contract and must be paid in full. The voters who have made it clear that they want that tax money are also the voters who elect Supreme Court justices. The left will begin eating its own. As you… Read more »
PPF, your bs is eye watering. Illinois could tax at 100% for the next two generations and still not pay for your pensions. There was never a surplus. They printed the money and gave it to Illinois. Fake money just like your facts. I disagree with debtsor, you are not playing dumb. You are greedy.
Playing dumb? Anything the state owes your pension that came from an unbalanced state budget is unconstitutional.
There will always be $$$ to hand out to fund useless and ridiculous programs that benefit anyone except connected pals of the democrats
What’s really amazing is how little of your property taxes paid actually fund current city services. Most goes to fund the pensions and health care of retired municipal employees. If you complain about the high level of property taxes you’ll get accused of not wanting to pay “your fair share.”
It’s not amazing Joe.
Dramatically increasing downstate citizens energy costs hurt consumer spending, thus lowering any IL tax receipts. Pritzker and Democrats caused that problem.
As more and more people flee the high taxes and high crime cash flow is going to get much worse. Taxes will double every five years and there still will not be enough. To add to the problem the high-income earners are who are fleeing in the largest numbers. Illinois is on a death march. Overly Generous Pension costs are like a cancer that will ultimately kill the patient.
Highest taxes and not the change of a nickel. Where and who is getting all this money?
Services such as education are dismal at best. Crime is rampant and roads are terrible.