-- 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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I would add a review of Indiana’s property tax reform. Take a look at The history of Property Tax Reform in Indiana if you are not familiar. I believe property tax’s were based on replacement cost of property but not sure and if all in Indiana were subject to that. Next time Mark or Ted debate Martire ask what percentage property tax will be lowered if progressive is passed. 1% -10%??
Same old song and dance, justice will come someday Springfield