-- 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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https://www.youtube.com/watch?v=feMTUSfKNTc&t=2s worth a watch.
Moving out, bitcoin or gold will be the answer.
Does this apply to the Cayman Islands?
When responsible working taxpayers become a minority voting block, expect accrual of political wins through promising rewards to the non-productive, even to criminals, who at times seem to outnumber law-abiding citizens. What could go wrong? When it crashes, they will just blame the other party, the “bad people,” for necessary austerity. The high expense of overly big government makes it extremely difficult for honest people to get by or raise a family by legal employment, therefor driving many either to criminality or unbalanced empathy for the criminal class…or just to get out of Dodge without further delay.
Socialists have a crazy sense of ‘justice’.
Illinois is intentionally taking all the money from its citizenry.
More politico idiocy. Even without leaving IL, this level of wealth grants such holders the ability – and the deserved motivation – to find other safe harbor paths for the assets.
Lessons never learned by the tax-tentacles crowd.
Time to Leave
Sure. Give the wealthy one more reason to make some other state their residence.