-- 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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And exactly how does he plan to pay for all this largess?
Another reason to head for the border.
Is Pritzker intent on driving every hardworking Illinois resident out of the state? If you prioritize the education of your child, scrimp and save to make that possible, your reward is to pay for everyone else’s child as well? Being penalized at every turn for doing the right thing is getting old.