Another "Assumed" Budget
We've railed at this before, but basing the budget on "projected revenue" is the same as basing it on hopes and dreams that one day, a money tree will suddenly start sprouting hundred dollar bills:
- Mayor Rahm Emanuel on Friday released a financial analysis that projects a $426 million budget shortfall in 2016, but only if three rosy and risky assumptions turn out to be correct.
The shortfall does not include a $328 million payment to police and fire pension funds that Emanuel conveniently left out of his pre-election budget. Add that in and the revenue gap grows to $754 million even with the risks the mayor is taking.
So right away, this budget is a lie. That payment is required....by law. And there goes Mayor 9.5 submitting what for all intents and purposes is a lie. And just what are these "assumptions" Rahm is hoping for?
- One week after a judge overturned his plan to save the Municipal Employees and Laborers pension funds, Emanuel is counting on the Illinois Supreme Court to reverse that decision.
That's a long shot, unless a lot of money has changed hands.
- The mayor’s forecast also assumes that Gov. Bruce Rauner will sign legislation giving Chicago 15 more years to ramp up to 90 percent funding levels for the police and fire pension funds.
Not as long of a long-shot, but still a big hammer Rauner has to beat Rahm with, if he was in the mood.
- The third assumption is that Emanuel will be allowed to complete a three-year phase-out of the city’s 55 percent subsidy for retiree health care — and that a lawsuit that seeks to reinstate the $108.7 million-a-year subsidy falls flat.
And that lawsuit is wending its way through the courts now. Rahm wants everyone in Obamacare where his brother decides if you've outlived your usefulness. The article finishes with Fran Spielman felatiating Rahm's junk again:
- But in the long run, Chicago taxpayers will be forced to pay hundreds of millions of dollars more to save the two pension funds because employees and retirees won’t be meeting them half way.
You nasty nasty retirees! Just because Daley took all your pension money and spent it on pet projects for votes while leaving a bunch of worthless IOU's in the candy jar, you think you're entitled to a pension? Who do you think you are, politicians? Go find a comfortable cardboard box and some moth-eaten blankets and live in an alley you worms.