-- 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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It astounds me that anyone pays Rich Miller actual money to write anything. Any revenue beyond his Capital Fax echo chamber is proof that ‘journalism’ is dead and that Miller is the poster child of Pravda Propaganda Bias.
IRONICALLY THE MONEY IS ALREADY IN MY POCKET. THE State steals it out of my paycheck and then ‘credits’ it back to me as a favor. That’s where the money is. In my pocket.
Holy cow, somebody actually asked “But where’s the money?’
An interesting comment in Miller’s article is the mention of “possibility for another spending ramp” as it regards to education. Now that is a novel idea. Edgar’s ramp gave us the pension mess we have today and now an education funding ramp? Pritzker is passionate about funding the illegal immigrants but would he go so far as to even consider ramp type gimmickry? Perhaps more importantly, should a ramp be enacted, would the voters be outraged enough to show their anger at the polls?
That’s exactly what Illinois “evidence-used school spending formula” is a ramp-up for demands for new money based on ” inadequate funding.” And it’s essentially permanent because it will never be met.
Neat trick to hand out vote buying goodies today with the bills dropped onto the laps of future generations that, as you say, will never be repaid but will generate future exponentially expanding liabilities upon the taxpayers.
Pretty much all the agenda of today’s progressives is vote buying, when you think about it, and not genuine empowerment.
A state that is slashing funding for vulnerable disabled legal residents so it can fund illegal immigrants thinks it can afford $300 million every year in tax credits? I’d like to know how this gets funded too.