-- 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
Yeah, but he cleverly got what he wanted once you figure in the parking tax, the bottle tax, the plastic bag tax, the hotel tax, the breathing CHI air tax , the sidewalk tax and the saying hello to someone tax. All faithfully bourne by the biggest chumps in the world, the IL taxpayers.
Chicago taxpayers
With the increasing exodus of taxpayers from Cook County, look for the rest of IL to be pressed into keeping the sinking ship CHI afloat.