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But the political stakes are also high for key Democrats — including Govs. Gavin Newsom of California, J.B. Pritzker of Illinois and Phil Murphy of New Jersey — who have touted their records as fiscal stewards as they angle for a bigger role on a national stage.
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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To quote Alfred E. Neuman “What me worry?”
Fatso Pritzker was right about pension payments, all the recipients got their checks. What was not made were the contributions, not even close. Taxes would have to double to come even close to making that payment. Still then there would not be enough money for future pensions. The benefits are so HUGE, no one, even God can afford to fund them. This is the largest generational theft in the history of the world. And the greedy cops, teachers and firemen do not give a damn about anyone but themselves. This should be declared an Illegal Ponzi scheme and dissolved completely… Read more »
When major cities start to go on the paygo – pay as you go – scheme to fund pensions, and the town tells residents ‘sorry, can’t fix those pot holes or upgrade the playground or pay for a fire service, too many white pensioners in punta gorda’, they’ll craft a solution. it might not be the solution we want, but they did fix the Tier II pensions. Now they just need to fix Tier I.
Note that Pritzker repeated the usual lie that the state made “full pension payments.” Naturally, the clown at Politico let him get away with it.
Politico fake news…what else is new?
I also noticed the term “full pension payments” was used rather than “full actuarial payments”. A huge difference.
Trust Politico to write an article that describes the “far too little, way too late” Blue-state pension funding debacle as “things are better now, but might get worse.”
Sadly, a majority of Illinois voters are perfectly happy buying into this sort of mendacity.
I think most D voters know the pensions are screwed, but that’s a tomorrow problem. Today’s problem is that Indiana, WI and Kentucky have too restrictive abortion rules, so IL must have the least restrictive, to ‘own’ those meanie red states.
I know more than a few suburban harpies who showed up at the polls to vote straight D this year because abortion might be illegal in other states.
Pure insanity.
Illinois will be the midwest destination for illegals, abortion seekers, gamblers and junkies … a state in which I was proud to live. No more. Illinois is content to lead from the bottom.
Lincoln would not be proud.