-- 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
Welcome to the pulling the blue handle burn!
The article asserts that “the Assessor’s Office miscalculated land values.” This isn’t true. They miscalculated improvement values. As far as anyone knows, the land values were correct. If taxes were based only on the value of land, there would have been no problem.
We’re here from the government. We’re here to help! I have a bascule bridge for sale on Michigan Avenue in Chicago. Any takers?