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"The state's entire fate flows from its ability to balance its books once and for all. Yet the new governor made no mention of it in his inaugural address."
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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Gavin Newsom spells similar trouble for Calif. The state has $1 trillion in unfunded pension liabilities and so far he is planning to spend like crazy. At least he’s probably not going bail out LAUSD.
Because he is spoiled fat dumbass who bought himself an office as a testament to his ego. He has lived in a bubble world. It is obvious he thinks he can tech incubate his way out a fiscal hellhole by expanding the ** tech corridor and expanding Chicago’s tech appeal. In his bubble world everyone will have 100K plus incomes and plenty of money to tax and burn. Ergo the pension problem will disappear through a graduated income tax.
As I said he already failed as a governor. He is a joke, an even bigger buffoon than Rauner.
Politics is hypocrisy. Governor Pritzker bought his election because why? I don’t have that kind of money, so I don’t know what motivates the super rich. Especially the old money super rich. I suspect he views the world as differently from me as did Einstein. I suspect he considers either the gov unions or the private sector folk as mere different flavors of peasants. Right now, the gov union peasants are providing the stage to give his life meaning. Make some trouble out there. He’ll probably bend so long as he still has a stage. I see no deep conviction… Read more »
To the Democrats, the state’s biggest crisis is keeping money flowing to the greed-crazed unions. The unions elected Gov Fatass and the Democrats in return for the Democrats using their power to steal money from the taxpayers and give it to the unions. The Democrats now must deliver the cash.
There’s an old saying, don’t listen to what people say, just watch what they do. So far, JB Fatboy has done nothing on the pension problem but he committed to $200MIL in pay raises on first day in office. What does that tell you? And he actually did go on the record about the pension problem, stating he is not in favor of a constitutional amendment to amend the pension clause. So what is his solution? Raise taxes to confiscatory levels? He’s a billionaire, what does he care? When Michael Madigan took office in 1983, Illinois had a AAA credit… Read more »