-- 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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Of course, the starting point for all of this is a state with $8 Billion + in unpaid bills, and $140 Billion + in unfunded government employee pension promises. Oh, and the highest effective state-n-local tax rate on a middle class family in the nation. Governor Tax Cheat proposed to solve that predicament by raising income tax rates even more on an already over-taxed portion of the haven’t-moved-to-Indiana-or-Texas-Yet Illinois working citizenry, so that he had enough additional revenue to pay for not quite half of the unpaid bills he already has. At the same time, of course, JB promised to… Read more »
Duh don’t capital news to establish this scenario