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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’m sorry to use profanity in your comment section, but I have to say it. Most of these Illinois politicians are just assholes.
To sell themselves for $2500 with all of the inherent gigantic risks associated with it just shows how depraved they really are.
And these people are our “betters” and The Elite. They know what’s best for us, and we should rely upon their wisdom and virtue to lead our great state.
My ass.
We’ll let your language pass this time, given the subject matter.
I’ve said this once before but our state legislature isn’t structured to attract the smartest fellas. And it obviously doesn’t. First of all the job ‘only’ pays $67,836 plus a small per diem. Don’t get me wrong, $67k is a decent salary, but it’s not quite enough to support an entire family away at home AND live the politicians life in Springfield. The head of a committee gets a little bonus like like $10k on top of this. The legislature meets, what, about half the year, and the rest of the time they have to campaign, meet with constituents, donors… Read more »
Great post!
But I do like the idea of Illinois politicians working part time and ruining my life less. The Texas model works for me.
I agree a great post. But I would like to add that $67K plus some stipends is not a great deal of money but it seems that these legislative stints are just a stepping stone to the real money. Once they qualify for their pensions and decide to retire or are voted out (which is rare) lucrative consulting jobs abound. Deals that were made while in office which favors corporations or public unions usually hire them almost immediately. Illinois is one of the few states that allows pols to do this without a waiting period of at least 5 years.… Read more »
Yes, this is true, the real lucrative gigs sometimes come later in life. Guys like Arroyo – who’ve been in office 13 years now – are reduced to hustling pathetic schemes $2,500 at a time while they wait their turn for more lucrative gigs lobbying for ComEd. He, and many others like Cullteron, Sandoval, and probably virtually everyone else in the legislature, often can’t last that long and start these side hustles early in their career.
The FBI won’t touch a democratic stronghold like Chicago or Illinois, this is all for show to make up for their reputation as partisan election hackers in 2016. Strozk and Page and Comey may not be there anymore, but Mark my words, none of this will stick. The FBI will intentionally build a weak case becausre theae are democrats.
Rep. Jim Durkin said So today begins the process of cleaning up this chamber. So tomorrow the only ones left are the janitors and a few hopefully honest pols.