-- 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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Are the poor leaving? Can’t afford to. Are the rich leaving? Like the Pritzkers, they can afford IL and profit. So who’s leaving? The middle class, taking with them their wealth and retirement, all to be spent in states other than IL. The question is not only who’s leaving, how much wealth are they taking with them?
First, if people choose to put their head in the sand and believe that the 2010 and 2020 are comparable, that’s on them. JB threw a ton of money into the 2020 census to ensure it counted every man, woman, child, cousin it and anything else that drew a breath. It is not an apples to apples comparison, and the Illinois population still declined. And if JB isn’t around to throw boatloads of cash at the 2030 census, it is going to be devastating for Illinois. Instead of addressing the causes behind the decline, the Dems say “good riddance”. That… Read more »