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.
The Tribune talks out of both sides of it’s mouth – they want fiscal responsibility rather than economic crushing taxes in Illinois, but support Joe Biden’s plan for +$4.5T in new direct taxes and a +$10T ‘Green New Deal’ which are indirect taxes. I mean, who are you!?