-- 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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Eight of the ten cities with the greatest home price increase are in states with no income tax.
Serious money being poured into lifespan-extension technology.
How would a 50% increase of projected human lifespan affect actuarial assumptions of defined benefits plans?
Does Illinois have a plan to cope with pension obligations of aberrant lifespans?
What does the law consider the pension entitlements of a cryogenically frozen quasi-deceased human?
fwiw, many years ago I asked an actuary for a state pension fund about their actuarial assumptions. He said that, at the time, their calculations assumed pensioners will live, on the average, one year longer than the population in general.
I have never been so pessimistic about Illinois. Chicago–yes, but not other parts of Illinois. But when you listen to Chicago’s new mayor, and you think about him teaming up with Pritzker at the state level, it is obvious that the two of them will team up to make the suburbs– and then also down staters– help pay for all the problems in Chicago. That’s going to be a disaster for taxpayers, property owners, and potentially anyone else who has any kind of a residential, business, or investment connection to Illinois. If corporations are responsible for the high crime rate… Read more »
The rest of IL is a complete dump. No offense to the people living there. It’s as bad as any hollowed out rust belt county with all the tweakers, junkies and druggies. The average IN, WI, IA small town is 100x better than any IL small town, again, no offense, but Chippawa Falls isn’t even comparable to Marion and Bloomington IN an Bloomington IL are as different as night and day.
We’ve been pillaged for years by Chicago – what would you expect? Can’t wait for the western suburbs to get rolled over by Pritzker, Johnson and the CTU.
Never buy anything in Illinois, rent if you must live in this god forbidden state.
In a tax and fee-crazy state like IL, renting doesn’t help much. Rents are higher because landlords pass on the high PTs to the renters.