-- 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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I guess everything is temporary unless it can last until the end of time, or maybe that’s temporary, too. Remember the last temporary IL state income tax increase?
I remember all the temporary sales tax increases that people voted for but then became permanent with a new city council here in Belvidere. Like the new council said. We are not required to uphold what the previous council did. So the taxpayers got stuck again with higher taxes.