Tonight’s Chicago Metro suburban edition of Public Affairs features Bill Bergman, a three decade expert in private and public sector finance and financial issues, and currently Director of Research at Truth in Accounting.
Bergman discusses the financial mess that characterizes the City of Chicago and the State of Illinois.
The program also airs tonight in 24 Chicago Metro North and Northwest suburbs at 8:30 pm on Cable ch. 19 or ch. 35 (See, below, for a detailed airing schedule by suburb and channel).
Bergman debates and discusses with show host Jeff Berkowitz the disastrous financial condition of Chicago and Illinois, focusing on the 200 to 400 billion dollars in Illinois' unfunded pension and retiree healthcare liabilities and what that means for the financial condition of the state and some of the consequences of that fiscal condition, including migration of people and businesses to other states.
Also discussed are:
potential solutions to the State's financial and pension problems including bankruptcy, the threat of bankruptcy, voluntary reduction of benefits and services by the State's various stakeholders, amending the Constitution and raising taxes massively.
Democratic gubernatorial candidate Pritzker's proposal for a progressive income tax and Wirepoints' analysis and projected impact of Pritzker's proposal on almost all income groups, including those in the middle class.
November 6, 2018 IL gubernatorial and state legislative elections and the differing views of IL gubernatorial candidates Rauner and Pritzker about unions and handling the IL state employee pension crisis.
The above can be understood as a series of Q and A:
Why are those finances in such a mess? State and City employee, police, fire, etc pensions the main problem? If so, can the pension mess be fixed?
Will that require massive tax increases? More than the City, CPS, the State and their taxpayers can afford?
Instead, everybody has to get a haircut? The pension beneficiaries? the bondholders. The vendors? The current recipients of services?
Will the Pritzker Progressive income tax hit the middle class hard? Precipitating a Chicago and IL Great Train Wreck?
Watch tonight's show with Bergman and show host Berkowitz debating and discussing the issues, and giving you answers to the above questions.
The program also airs tonight in 24 Chicago Metro North and Northwest suburbs at 8:30 pm:
on Cable Ch. 19 in Buffalo Grove, Elk Grove Village, Hoffman Estates, parts of Inverness, Lincolnwood, Morton Grove, Niles, Northfield, Palatine, Rolling Meadows and Wilmette and
on Cable Ch. 35 in Arlington Heights, Bartlett, Glenview, Golf, Des Plaines, Hanover Park, Mt. Prospect, Northbrook, Park Ridge, Prospect Heights, Schaumburg, Skokie, Streamwood and Wheeling.
You can learn more about Truth in Accounting and their State Data Lab at TIA's web site and:
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Tags: Bill Bergman, Bruce Rauner, Chicago bankruptcy, City of Chicago pension explosion, CPS bankruptcy, IL bankruptcy, IL progressive income tax, IL state employee pension explosion, Illinois income tax increase, Illinois' financial condition. Chicago financial condition, JB Pritzker, Jeff Berkowitz, Pritzker progressive income tax, Public Affairs, Sheila Weinberg, State Data Lab, Truth in Accounting, Wirepoints