-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
This is being built so the newly arriving Venezuelans have a job once governor Flintstone gets the work permits.
Told you so Mark, trying to stop it was a complete waste of time. You gave false hope to the citizens of Manteno. They will be thankful in the long run for generations of above average paying jobs. Illinois is losing businesses every day. Same people who opposed it will be working there, and so will their children. The salaries will provide for a good standard of living for tens of thousands. For those who do not want to work there it is their free choice. Work at a Fastfood restaurant (or Walmart) and live in your parents’ basement, smoke… Read more »
Citizens there have known from the start that the Village Council would vote for approval. There is no false hope. Their hope lies in other avenues. And if you think the route to good jobs is for taxpayers to subsidize them with over $3 million per job handed to a Chinese company, you are beyond hope.
This is beyond hope, how many jobs were created by this mess?
Actually, the opposite, many were lost because of it.
Illinois pension debt grows $2.6 billion in 2023, mainly to cover raises – Illinois Policy
How sad the locals are outraged but it is these exact locals that voted these individuals into office on election day or voted for them by not voting and letting others more or less vote for them. These elected officials are interesting individuals all in all. Who would want to hold an office making their friends and neighbors be at issue with them? It almost makes one wonder if perhaps there are some back room financial issues in play but we know that couldn’t happen here in Illinois…could it?