-- 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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Little doubt Illinois will face a rough fiscal road. Wow, this guy really went out on a limb with that prediction. Anyway, that future has been painfully obvious to most of us, since Illinois has been spending like drunken sailors for so long. Of course, we taxpaying citizens continually get to finance this abusive behavior.
Rich, this probably comes as a complete surprise to a trust fund baby like JB the Hutt, but both the state and federal budgets have been out of control for decades and there is no inheritance waiting out some entity’s death clock to silence the rattle and execute a will. Lamenting the disassembly of bureaucracy for bureaucracy’s sake is an insult to all who foot the bill for this thievery. This is the best we can expect from the intellectual runt of the Pritzker clan. Illinois’ fiscal car has been bouncing on potholes for well over a decade, so claiming… Read more »
“Make this budget balance”? I just stopped laughing. Illinois has not had an honestly balanced budget for at least twelve– and probably more years. But the medial keeps letting the Dem politicians get away with it.
meanwhile in a different universe, just across the border, Indiana budget has a $3 billion surplus. (https://www.chicagotribune.com/2025/04/10/indiana-senate-committee-passes-two-year-budget-with-3-billion-surplus/)…….dream on dopey Illinois taxpayer/ homeowner chumbalones,,,,,, especially after machine adds proposed new $730 mil transportation bill, Tier 2 “fix”, higher ed EBF, etc, etc for $MORE$, $MORE$, $MORE$ for are vastly under-compensated public sec heroes!!!……..EQUITY!!!!
Thumbs down from underperforming teachers, union officials, welfare recipients and those lining up for the no show, no work state positions with benefits being advertised.
Yep, and add to the equation the waterfall of fed funds to IL now slowed down to a trickle.