-- 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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How is this surprising to anyone, let alone the treasurer?? If you have been here for one bill cycle, you know how how bad it is. Yes, some don’t care, but the majority are upset. The others leave. Once your tax bill is higher than your mortgage, look out property value. FIX IT! Fix it before we really are Detroit. Do not continue to disrespect the taxpayer!!