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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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“The committee surprised almost everyone….” By jacking up taxes? Sorry. No one with a brain is surprised by IL Democrats hoping to raise taxes, least of all the press release writer who handed this claptrap to Rich Miller to “report”. Crawl back under JB’s stomach Miller.
Pritzker isn’t going near retirement income. He’s scared of the senior voting block. More talk with little progress, brought to you by political operative blowhard Rich Miller.
Glad to hear it’s getting a look. This plan reforms pension funding and lays out the revenue to pay for it. What a novel concept.
The gang in charge now has no intention of giving up “their” money to fund pensions. They can barely conceal their glee at the prospect of all the money that they can grab now. Your pension is of no interest to them.
What most depressing ,as a chump taxpayer, is that you get to learn about all the behind the scenes massive tax plans from mr pay-to-play Miller. The taxpayer/voters not even in the conversation, your irrelevant– unbalivable!!! And of course whatever the machine’s planning behind the scenes to overturn TIER II or what it will cost you are kept completely in the dark. But your a complete chumbalone dullard if you don’t think the plans have already been made.
Read following recently, elites are gonna elite … the traditional story of democracy gets things backwards. Voters do not bring their preferences to the polls, leading elites to form policies as the voters direct. Elites form bundles of policies as a result of negotiation and planning with other elites, and voters are given a choice of bundles reflecting the preferences of the elite. Because voters act expressively rather than instrumentally, and because most voter preferences are derivative, voters will express a preference for entire bundles of policies they had no voice in forming. Elites, not voters, are in the driver’s… Read more »