-- 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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Down in my neck of the woods sales taxes seem pretty easy to pass by the politicians as they promise the people they will be paid by outsiders and not them. Sales taxes are also not like the annual bill but are just a bit extra here and there to hide the real annual ramifications of them. Here there is a pension sales tax that will probably be passed around the State. Those pensions must be paid.