-- 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 getting beyond concerning and more than just serious, there is a fundamental flaw with Illinois that is causing it to implode. We all know the weather is not the greatest, strike one. The terrain leaves something to be desired especially among the younger generations who simply dont want to live in boring places, strike 2. None of this is really new but in the past IL was a place to get a good paying job, good communities, access to top schools and talent, average taxes and cheap energy – all that is gone, strike three. We can’t do… Read more »
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