-- 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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This is kind of a nothingburger as Illinois has ranked #5 in GDP for 20+ years ever since Florida passed it up in 2000. And Illinois’ current rate of increase was in line with the rest of the country. In other words, this is more natural momentum that anything.
5th largest economy in the US. That means California, NY, Illinois and NJ account for about 30% of the US GDP. Sounds like these states are too big to fail. It’s a nothing burger until those states are in need of future bailouts. The country won’t be able to ignore them.
Illinois Economic Policy Institute Is The House Organ Of Illinois’ Crooked And Corrupt Unions — Whatever They Say Should Be Ignored Automatically