-- 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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What amazes me is that we’re usually in the top tier for taxes on everything (property, wireless, gasoline, sales, etc.) compared to the rest of the country and we’re still broke!
Reagan was right. Our government just spends too much.
Illinois is DOA. No hope for a balanced budget. The only hope is death or bankruptcy at this point. The more they raise taxes (and they will) the more people and business flee to another state. Crying shame what has destroyed Illinois is the greed of the government employees, the very people who claim to work for you.