-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Doesn’t help that local residents over and over again vote in favor of hundred million dollar school bond referendums, or new pools, or community centers. People complain all the time about local taxes here, but then when you asked them how they voted for the school bond referendum, they of course said they did. Because it’s for the children! I have kids in the public schools and still voted against the bond.
Don’t forget many who vote for these increases are school district employees and their families who probably outnumber other voters especially when put on March primaries when voter turnout is historically low. Years ago then Gov. Chris Christie had school referendums put in the Nov election instead of March because of higher turnout and more time for the public to digest what they wanted. This was in an old Imprimis article.