-- 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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Hinz big idea is that state will increase taxes in exchange for lower property tax. Or in other words, state will start paying for all the pensions & benefits in Illinois rediculous 8,923 units of municiple gov..which would also entail a massive consolidation of all the plans and units of gov one would assume to be EQUITABLE?? Good luck with that. He also suprisingly tip-toes around endorsing the Moody’s $317 billion state pension debt # as upposed to $144 billion figure
ridiculous.