-- 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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Peoria, like many Illinois municipalities, has been skating close to the edge on pension obligations for quite some time. As a so called move to prevent a property tax hike a public service fee, based upon property size, was enacted in 2018. This fee was allowed to sunset in 2021 and now Peoria seeks new funding for its pension underfunding that amounts to almost $3,200 per individual to be added to all the other underfunded public employee pensions in Illinois. The obvious answer is to cut spending or hike taxes and in Democrat controlled Illinois the obvious answer will be… Read more »
It’s simple. Just raise taxes. You democrat filth love that and consistently vote to have your taxes raised.