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.
It’s been all downhill for Pritzker since last March. He has been hammered for locking the state down yet still having one of the highest Covid death rates in the country. The IDES debacle has been a nightmare for thousands of Illinois workers. He lost his push for a constitutional amendment to allow a progressive income tax. A large Covid outbreak at a state run Veterans home killed more than 30 veterans. Then there’s the anchor around his neck named Mike Madigan, who epitomizes the corrupt culture of politicians in Illinois. Having fun JB?
Crazy thing is that every liberal I know honestly believes that he’s doing a great job and ‘keeping us all safe’. I point out the things you just said and they make excuses, or ignore, or tell me I have JBDS. (JB Derangement Syndrome).
…and that sums up why Illinois deserves it’s fate, and why Wirepoints with all it’s good intentions will fail to save it.
Pritzker had a “rosy” 13 months or so in large part due to bogus cash based accounting rules used by the State.
Cash based accounting is the norm in governmental accounting.
Truth in Accounting (TIA), among others, is advocating to change cash based accounting to full accrual based accounting.
TIA calls their initiative “Full Accrual Calculations and Techniques” aka FACT based accounting.
The nationwide Federal, State, and Local government accounting scam.
http://www.truthinaccounting.org/library/doclib/Fact-Based-Accounting.pdf
Be a nerd, wisen up on the FACTs.
Bogus government accounting is relatedly one of many reasons for the Illinois Pension Scam.