-- 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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Utterly predictable that the Illinois Democratic Party only now, in a moment of introspection, discovers nuance. The very organizations that supplied Madigan with the money that gave him his power are now going to perform mental gymnastics defending their actions. The whole “it was for a better good” bullsh*t or something. But those donors could’ve easily taken control away from Madigan at any time by backing another Democrat. Or another Democrat could’ve stepped up and voted in as his replacement. They willfully chose Madigan every step of the way. That stain cannot be removed. Each vote for Madigan as Speaker… Read more »
Nixit–you nailed it. Exactly what i was trying to say below but a way better job!! They all got blood on their hands in bankrupt illinois
One additional important point, maybe why there’s not more of a panic in the machine/combine with Madigan going down is because they have billionaire Pritzker now funding statewide campaigns and they really no longer need Madigans–Friends of Madigan fund to run “The Program”. Also, I thought all the union dues were now going to Welch but from what I read it’s now Harmon who’s cleaning up. His Friends of Harmon now has over $13 mill while Welch only has $3 million (maybe its systemic racism?)…. (I got zilch)…. and the bill keep getten rubber stamped
Miller ends article with—-“But, as celebrated Madigan foe Rep. Kelly Cassidy (D-Chicago) told Ben Joravsky at the Chicago Reader: “All the best and worst things that have occurred in this state have his fingers on them.”” What are “all the best things” that Madigan has had his fingers on that Millers such a fan of? Oh, I know– that’s all the decades of countless pay-to-play rubber stamp public sec union friendly bills in exchange for union dues to Friends of Madigan (The Program) campaign fund that have passed under Madigans watch leaving the state bankrupt. But in all the recent… Read more »
And now, if your one of the countless millions of public/private sec union members , from ctu to asfcme etc, that never questioned forking over your union dues to Friends of Madigan you can still claim your ethically clean? as papa Madigan uses at least part of his $10.5 million Friends of Madigan war chest to keep himself out of jail…you don’t care, you got yours.
To even an uninformed observer, powerful politician Madigan was in a clear conflict of interest being a founding partner in a law firm that did an overwhelming percentage of its business with a government entity. Miller and his blog minions never quite grasped it. Anyone who dared to question their hero Madigan was shouted down derisively. Even after his fall, and now an indictment, there are still defenders. Sadly, we will never know the level of corruption the man perpetrated on the people of Illinois. Was this the first time he crossed the line? If you believe that, head over… Read more »