-- 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
Don’t forget in the 39 PTELL counties if the property values drop by 50% the taxing bodies still get what was levied the year before plus up to 5% if they want. And if it drops another 50% they still get the previous amount.
Makers gots to pay for the takers…
And that’s why the smart ones are moving to Indiana and enjoying prosperity.
The naive, ignorant and foolish are staying in Illinois.