-- 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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Anyone who is in their late 50s, 60s or 70s who has children — and friends of children– in their late twenties or early 30’s can give plenty of anecdotal evidence of this. Among my four kids, plus their spouses, and among forty or so of their six figure earning friends, only four have come back to Illinois. It is heartbreaking to see what has happened to the State of Illinois because of Dem rule. One couple moved from Illinois to Tennessee and saved $19,000 per year on income taxes and property taxes. Do the math. When they are 55,… Read more »
Is the headline saying those that have brains are smart enough to leave the state?
Since when did the democrats cater to anyone with a brain? Why would any democrat want anyone with a brain? Low functioning morons make much better democratic voters. They will buy whatever they are told. All you have to do is point fingers at the “rich”. They can’t define rich but as long as the rich are getting gored, they don’t care. It’s just that they just got promoted to rich since all the really rich people have already left. The idiots deserve everything they are getting.
From the article–This means the middle class in these states will inevitably have to pay higher taxes to support the state’s political promises to public unions. The Blue State governance model keeps giving taxpayers the blues, which is why more of the young and mobile want out. Look up the article Illinois’ SURS Schooling Taxpayers. It is not only the unfairness and unsustainability of public sector pensions in Illinois–it is also the fact that you cannot fire bad teachers, administrators, and support staff. Bad actors are protected by the militant unions. I had a front-row seat to the incompetence, patronage,… Read more »