-- 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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Nothing is going to chance the outflow of residents.
There is a HUGE PENSION TIME BOMB EXPLODING and will continue to explode for years to come. This is going to cause taxes to double every 5 years (Right now the highest). Family’s will flee for low tax states in ever increasing numbers causing the remaining people to pay even more taxes. It is a death spiral that does not end well.