-- 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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I posted this: I would really like to see an full and honest invetigation of this issue. AllState has increased premiums by over 50% in the last five years. Illinois is not in a fire zone and it is not being hit by massive hurricanes. I drooped Farmers Insurance after 45 years becasue they had so many policies in California and I got the bill. Pritzker is a disaster but even a blind sow can find an acorn once in a while. Yea, let’s have an honest investgation- no spin from any side. Got five TD’s but no replies. For… Read more »
It will be tough to defend any insurance company (auto, home, healthcare) w/o tranparency – Pritzker claims his comments are based on a report/ analysis done by the IDOI, which isn’t public. State Farm (and I suppose other insurance cos) will only divulge information required by law. So publicly I believe it’s a ‘he said, she said’. I find it somewhat unbelievable that SF has taken large loses for years in IL when policies are renewed annually. My last homeowners insurance went up dramatically because a new president wanted much higher profits. One thing which has confounded me is how… Read more »
I don’t understand, but none of the articles point out that all of JB’s dem machine buddies who are “fighting for the working class” failed to pass SB0268 (https://legiscan.com/IL/bill/SB0268/2025): Creates the Insurance Fairness and Consumer Protection Law Article of the Illinois Insurance Code. Provides that insurers must submit a request for approval to the Department of Insurance for any proposed rate increase for homeowners insurance premiums or automobile insurance premiums. Prohibits implementing any rate increase without prior written approval of the Department. Prohibits using nondriving factors, such as credit score, occupation, and education level, to determine automobile insurance premiums. Provides… Read more »
And what else would one expect from the Illinois democrat overlords?
75 homes in my subdivision and two years ago we had a really bad windstorm with huge hail. Our house had severe roof, siding, screens, gutters, garage doors, trim damage that ended up around $50K in a payout by State Farm. Probably 60 of the homes had roof and additional damages as well. Roofing trucks were in the neighborhood for weeks. The area for a couple of square miles around had roofing-siding companies busy for a couple of months as well. Any vehicles parked outside were damaged as well from the quarter sized hail. I imagine lots of payouts by… Read more »
I would really like to see an full and honest invetigation of this issue. AllState has increased premiums by over 50% in the last five years. Illinois is not in a fire zone and it is not being hit by massive hurricanes. I drooped Farmers Insurance after 45 years becasue they had so many policies in California and I got the bill.
Pritzker is a disaster but even a blind sow can find an acorn once in a while.
Yea, let’s have an honest investgation- no spin from any side.
Liberals say the increase in global warming is causing the number of weather events to increase and for their severity to increase. If that is in fact true, then it is only logical that there will be more property damage and therefore insurance costs will rise.
Innsurance companies want to collect premiums and not pay out. When they have to pay out, they punish policy holders with increased premiums. Insurance companies always make a profit.
If they don’t make a profit, they go out of business. If they go out of business, there is less competition and less favorable pricing for the consumer. The free market works…if you let it. When the govenment starts intejecting itself with price floors and ceilings they make it more expensive for the consumer.
Is an insurance company supposed to continually eat losses and not raise premiums? In a nutshell, all insurance works this way, todays claims are tomorrow’s premiums.
The free market works, if there’s no collusion.That’s a big “if.”
The biggest and most common colluders…the government.
Actually insurance companies don’t generally profit from the premiums charged. They make their money on the interest from the premiums before they pay out claims. Warren Buffett once said in his shareholders report “Most insurers, of course, operate with underwriting losses and depend on investment income for their profit. That has been true for decades.”
This fact is also pointed out in the article. State Farm’s cost are $1.26 for every $1.00 of premiums.
Oh No. Putzger caught lying again ? Yawn. No surprise
So, once again, Pritzker denies financial realities in favor of his blowhard rhetoric, snowing the taxpayers.