-- 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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Time to get on board people. If you want a balanced budget you need to accept that more taxes are necessary.
It sounds like the Better Government Association is getting on board with the idea that more taxes are needed to get Illinois on solid financial footing. It’s nice when people start embracing reality. The state needs more taxes plain and simple.
Pension time bomb is going off, there is no hope now. The overly generous pensions are unsustainable. All the money in the world is not enough to cover the greed of the cops, teachers and firemen.