-- 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
My property tax bill in SC has six entities taking money. Fire protection, forest preserve, water treatment, school districts, and so on. No pensions, no townships, no road funds, no abatement districts, etc. while my tax bill in DuPage had 17 tax bodies, including airport, COD, and more. And each pension entity for schools, township, fire districts, got raise every year. And as I’ve said before, my SC tax bill went DOWN by about $25 all three years since we escaped IL.
Hmm, let’s defund public education. If you’ve got kids you pay to educate them.
But where will the free daily meals, counseling and general daycare in lieu of education for the underserved come from then? You don’t really expect these people to start accepting responsibility for their lives this late in the game, do you? It’s been going on for 60 years now with little to no change.
Well based on the statistics over the last 20 years, the number of kids that can reading and do math at grade level is inversely proportional to the amount of money going to CTU. De-funding schools will not only save the city money, the students will have the skills to get good paying jobs.