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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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This from the budget address. “That’s why my budget delivers on our full pension payment and then some, with $100 million from the proceeds of the graduated income tax dedicated directly to paying down our pension debt more quickly. We should double that number in subsequent years. Next year would be the first year in state history that we will make a pension payment over and above what is required in statute. It begins to allow us to bend the cost curve and reduce our net pension liability faster.” What is the rest of the story? The full pension payment… Read more »
This is from capital fax, State Representative Mark Batinick (R-Plainfield) released the following statement regarding Governor Pritzker’s Budget Address on February 19th: “I have said it before, but it still rings true: until the Democrats curb their insatiable appetite for spending, Illinois will not be financially stable. We cannot keep taxing our way into new revenues; we need to structurally change spending. The most disturbing part of the Governor’s address was that he based his budget proposal on new spending. We cannot plan on hypotheticals. That is the root of the problem, and until we actually change this, we will… Read more »
“Governor proposed skipping pension payments”
A tried and true method in the past as proven by Jim Edgar who invented the Edgar Ramp that in many ways got us to where we are today.
Hey it worked for Edgar…lets recycle it again and call it the Pritzker ramp.
Read more on center square, so now this fool is going to hold the kids hostage, school funding if the graduated income tax does not pass. 350 million earmarked for k 12, if not less funding down to 150 million. Welcome everybody to the entitlement state. That’s all this budget is about give me give me. Instead of fixing the problems at DCFS and other agencies just throw more money at them, that will really help. This man still insist on no constitutional amendment to the pension crisis. Democratic fools, take the tax monies from the pot tax and give… Read more »
Furthermore, if the GA doesn’t appropriate at least $300 million extra for k 12, then the Property Tax Relief Grant is rescinded.
But it’s for the children.
Nothing Changes, blame Rauner for everything, nothing about how property taxes will be reduced. Same old rhetoric Sounds like a budget for the unions and freebies galore no mention about spending cuts, just spend spend spend. Ah, you just made it even easier for me and possibly others to hit the road out of Illinois. Priztker you talked yourself into a coma nothing different from the state of the union speech. Had enough folks.
This is the jb & his handlers threat–if you dont vote for thier fait tax,
” To address the uncertainty in our revenues, this budget responsibly holds roughly $1.4 billion in reserve until we know the outcome in November. ” thats your prop tax relief–chump