-- 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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It looks like the process has to be changed. But, I don’t think there is more or less that should be changed by any claim of being a civil rights issue. Whatever the Cook County States Attorney’s Office gets involved with could yield some weird results.
No one should pay their taxes, No ONE. They do not provide any kind of service. No law enforcement, no education, and no government services of any kind. Pay for Performance only.