-- 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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Seems redress in the courts is in order.
Tax revenue must go much higher to cover the pension time bomb going off. The greed and lust for money of the public sector is now coming home to roost. Get use to higher and higher taxes and lower and lower services. As taxes go higher more taxpayers leave, so they have to go even higher. This is a Debt Death Spiral Illinois is in and will not end good. Taxes to any business always get passed on the end consumer of the product or service. Most people pay much higher taxes than they realize. Punta Gorda, Fl. is a… Read more »
The Department of Buildings says they are commercial. They have to follow the building codes for commercial buildings. The Cook County Assessor is full of BS.