-- 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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But JB says these are not taxes on Illinois families. Only tariffs are taxes on Illinois families.
Huge Pension costs are smothering Illinois taxpayers. Higher and higher taxes are on the way to stay. The numbers are so out of balance that large tax increases must happen for years to come. Illinois must change their constitution so they can go bankrupt.
Illinois can’t change their own constitution to allow bankruptcy. It doesn’t work that way. They would need the federal government to allow it.