-- Connecting the dots between our economy, government and business --
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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It’s agreathidea. The tax amount should be really onerous. Think of all the revenue for the children! Drive people and business fom the city.when the city is empty think of all the services you will no longer be expected to provide. The savings will be phenomenal! This could be Lori’s parting gift to he city. Will she be thrown a life ring by the DOJ? Could she be nominated to replace John Lausch? She could go after everyone and anyone. Garland has enough goofs working for him, one more won’t make much more difference.it’s a win win. The city won’t… Read more »
Do they want people to come to Chicago and start businesses of not?
The power to tax is the power to destroy.
The more jobs you give the more tax you pay. Swell. Why don’t we also put a special tax on kids who graduate from high school with honors? That’s about as sensible as a matter of tax policy.
The newest trend in education is to get rid of ELA honors classes, with the not so secret goal of getting rid of graduating with honors. I know for a fact it is happening quietly in at least one district in the Chicago area. It’s not equitable that some kids can excel while others are remedial, they say.
Graduate with honors….in Chicago??
Sure, in Chicago it is an honor to graduate without being able to read or add up a column of numbers..
Illinois should just start taxing AIR. Still would not be enough money to cover the overly generous pensions. Got to love Texas and Florida, low taxes, great services, low crime and good education for the children.
Great. Move there.
Such a dilemma.
How to fund the City of Chicago Public Sector Defined Benefit Ponzi Scheme Pensions and Retiree Healthcare Paid First.
Don’t worry, it is just an unfunded liability, not a Ponzi scheme.
Never mind both occur deliberately actions were taken resulting in assets being insufficient to cover liabilities.
You can trust the Illinois politician and public sector union racket to put Citizens First.
Bust the terrorist scum of AFSCME, SEIU, CTU and IFT. Step over these begging vermin in the gutter. Hand them baggies of dog food if you are a sucker. Problem solved.
When I was on the Budget Committee at CME, it was my first meeting. I asked, “What the hell is this tax we are paying to the city of Chicago?” I was told, “Head Tax”. I thought it was totally unfair and silly. I advocated excluding CME employees from the city so we wouldn’t have to pay the tax. Daley repealed the head tax that year which was a smart move. If they institute a head tax, I predict the old office parks in the suburbs will get really really busy. If they institute a financial transaction tax, being in… Read more »
The head tax was eventually implemented because Rahm ended it during his tenure.
How does someone commuting from the suburbs to work downtown generate demand for city schools?
Secondly, these municipal services should be covered in property taxes based on occupancy.
Mark, Ted be careful with your “headlines” or you’ll get a link to Pornhub!
Just another way of chasing away businesses. Governments number one job is to destroy the quality of life for the workingman and his family. Chicago and Illinois get first place.
The lust of tax money to cover overly generous pensions will hurt Illinois. Families are fleeing because of this BS.
Of course, tax increases are the answer. Should have thought of that. How about the tough stuff thats really needed to clear up this state: remediate Tier 1 pensions-medical; address IL rampant political incompetence; address IL rampant political corruption; address IL rampant crime; address IL terrible record in teaching its kids; how about addressing the excessive power of public unions (who politicians have almost no incentive to hold in check, vs ie private sector unions); how about preventing part time politicians from being property tax attorneys; how about transparency in IL gov; how about getting rid of rigged election maps;… Read more »
Time for you to move somewhere none of that happens? You’re obviously not happy in IL. Oh, I know; you can’t move because of x, y and z! It’s just so much easier to stay where you because your life situation isn’t agreeable to leaving. Then, you’d miss all the fun your fraternity of fellow complainers, and that alone is SO much fun.
Jamestard, Have you seen how many Illinoisans have fled Taxistan in the past 4-5 years?
They aren’t just complaining but actually voting with their feet.
BUH BYE Taxistan!!
Good for them! Others of a like mindset should do the same if they want to preserve their mental well being. If I am any example many of the rest of us are content enough to take on their portion of IL taxes and wish them a life of happiness in their new state of choice. To me where a person chooses to live depends upon a range of considerations and priorities with tax payments one—and only one—such consideration. Personally I’d rather live in IL than suffer the more continual hot temperatures of some southern states, political preferences aside.
James, Illinois is the most corrupt and essentially insolvent state in the US.
Stay and pay the stupidly high taxes and enjoy the 2 months of summer.
In the 20 years since I left Taxistan I’ve put $200K in my bank account.
Think of it this way, every 3-4 years I can pay CASH for a new car.
BUH BYE Taxistan!!
Again, I say good for you! Others may have a different take on what’s more important than things of greater priority to you. At the end we all die, and your net worth financially is only of consequence to your heirs. It won’t amount to diddly squat in the “next life.” There we presumably are treated based on whole ranges of personal issues in our lifetime anyway if you believe in religion or it simply never matters anyway.
This discussion at its core seems to be about residents having different breaking points. James, you apparently haven’t reached yours yet. Da Judge and I apparently had lower breaking points, which is why our self-respect demanded we leave Illinois.
Sure, I agree with all you’ve said. Eventually the scale of a much greater number of people will tilt in the way yours has done. I’m “up there in years” and presume to be “outta here” before having to change addresses above the turf at least. Actually my wife is a die-hard Chicagoan at heart. It would take far, far more than the current situation to persuade her to move. I’m not nearly so head-set in that matter as she is. I’ve lived in various place in my earlier years, and have enjoyed traveling and enjoyig the local culture elsewhere… Read more »
Your advice that taxpayers should consider that in the end “your net worth is only of consequence to your heirs” is rich. Do you think that public union members and retirees look at their financial situation in the same way? Actions speak a lot louder than words.
Everyone is free to interpret life independently. My thoughts and actions needn’t be taken as boiler plate by anyone else.
Sure, everyone is free to interpret life independently. Unless of course the human nature of the voters to vote in their own self interest imposes a different view on everyone, in which case your freedom to interpret life is severely curtailed. But hey, everyone is free. Except you need to move if you don’t agree with the majority who have voted themselves more of your money.
It’s a convoluted definition of freedom, but I think I get your concept now.
You are free except as your own demons convince you otherwise. It’s always easier to blame someone else for life’s woes. YOU are responsible for your own life’s progress. Get to it or cower in self-pity. No one outside your immediate family likely cares.
Is that what is considered clever rebuttal in schools these days? Pretend to analyze your opponent’s mental state using bromides from old self-help books?
Thanks for your concern, but my life is just fine. If you ever want to defend your idea that a majority vote makes anything OK, let me know – I would be interested in hearing that justification.
Well, last I heard where elections are concerned its the majority vote that counts. That may not make their power okay to you, but legally they get to be the deciders more often than not.
Are there any limits on majority voters’ power to be the deciders? Do they always get to decide in their own self interest, even at the expense of others’ rights? Is there anything not subject to a majority vote, or can a majority vote be cited to justify anything and everything? Seems that way according to education world…
The jury has yet to opine. We anxiously await their verdict.
“Are there any limits on majority voters’ power to be the deciders?” Yes. If the majority of the voters choose something that is unconstitutional. As an example, if voters chose politicians that said they would steal from pensioners. The constitution puts limits on majority rule. “Do they always get to decide in their own self interest, even at the expense of others’ rights?” I would imagine most choose what’s in their own best interest. When you exit the highway and the beggar on the off ramp asks for money, do you give him all your money or do you drive… Read more »
Illinois public sector workers are criminal co-conspirators to a multi decade long fraud between unions and politicians. Period. Thus the public sector criminal co conspirators deserve zero from their criminally ill gotten gains. Nada. Zip. Zero. You disagree with this factual and fundamental position because of you own perverted and immoral greed. And even if you hyperventilate every time this fraud is mentioned, in the end Illinois will run out of money and the criminal conspirators will be left with nothing. The math is inexorable. Numbers don’t care about your feelings nor your perverted sense of right and wrong. I… Read more »
TPG, IMO its a massive racket hoisted on Illinois taxpayers by the public sector unions and the corrupt Dems.
I had enough of it 20 years ago and voted with my feet(and I’m an Illinois native from central Illinois).
Consequently my taxes are a lot lower and I’ve been able to put over $200K into my bank account and invest it.
IMO – Your opinion means absolutely nothing. The constitution of Illinois and the United States disagrees with you. That’s what matters.
PPtard, Just don’t come begging for the Feds to bail out Illinois public sector pensions one day.
And that day is coming dude.
Pray that your 6 feet under when that day comes.
Now back to reading the Illinois Constution and watching the View!!
Da Judge
Sounds like you’re the one hyperventilating. Keep complaining and pensioners will keep cashing checks. Your opinion of them means nothing.
The math and the courts have shown that pensions will be paid even if taxes are raised to do so. I agree that those numbers don’t care about your feelings.
PPFtard, Fact is more and more Illinois taxpayers are voting with their feet and leaving the most corrupt, high tax and insolvent US state governed by the simpletons in the Illinois Democratic Party.
Illinoisans realize they will never be able to defeat the public sector union and Dem racket so they vote with their feet.
This trend will continue IMO.
Get use to it and keep reading the Illinois Constitution.
Maybe invest in a UHaul dealership.
Da Judge
So first, use the “majority rules” concept to alter the constitution in your own best interest at the expense of others. (You forgot to mention that step in your answer.) Then use that altered constitution and “majority vote” to get whatever you want. Thanks for the cogent explanation, but I already knew exactly what the unions had done.
Well you seemed confused as to how majority rules works so I thought I would help you out. So you understand it but refuse to accept reality. You just want to whine like a little girl. Got it.
So we’re back to the insipid insults as a response in a discussion? Thought you had learned your lesson about stooping to that level, but maybe not. Sad, because I would bet that’s not your normal mode of discourse. But then it’s pretty hard to defend the indefensible.
You’re complaining about voters getting to decide the constitution and the rules we all live by. Hard to have a normal mode of discourse when someone doesn’t believe that voters should have any say or are responsible for their choices. You want to play victim. Go for it.
Nothing is indefensible about collecting a pension that a retiree earned through their entire career. Only a thief would think stealing from retirees is the high road.
I believe that voters should have a say in their government, with the government limited by guard rails to protect the rights of citizens from the tyranny of a majority. I also believe that people who band together to vote themselves benefits from the public trough are no different from thieves; they just tell themselves that this is “democracy”. So I guess you’ve answered my original question: is there any limit to what can be imposed by majority vote? The answer is: anything goes as long as the majority votes for it. Just be sure to get your mob to… Read more »
*correction. Majority Ballot. JB’s Margin of Victory was secured almost entirely through mail-in and harvested ballots.
“I believe that voters should have a say in their government, with the government limited by guard rails to protect the rights of citizens from the tyranny of a majority” You have that now. The guard rails you speak of are found in the US and Illinois constitution. As an example, the US and Illinois constitution protects pensioners from a tyrannical majority that would want to steal their hard earned money. Voters also have the ability to decide about these guard rails. Unfortunately for you, those guard rails are decided by ALL the voters not just you or others that… Read more »
I’m a close follower of Jimmy Stewart and in his famous movie Mr. Smith goes to Washington,where he said (paraphrasing) … the only causes worth fighting for are the lost causes. I’m not giving up, just like Wirepoints and many of us are not giving up….those “feeding from the trough” will someday have to pay attention to us. The very first thing we need to do is see clearly the truth and the true picture in IL (thank you WirePoints!)….and its an embarrassing mess.