-- 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
When he’s up there at the podium with that confident smile on his face, I feel more at ease as an Illinois resident.
Did he explain that he funded these billions in projects by doubling the gasoline tax? Despite his pledge not to hurt the working man by increasing regressive taxes? All he did was increase that particular tax 100%! Of course, he didn’t stop there, oh no, not the fair and just Governor. He then indexed that ridiculous gasoline tax to inflation, just in time for Bidenomics record setting inflation. Keep those union boys employed and happy, regardless of the pain you inflict on others, right JB?
Isn’t there an adage that in politics, if you are explaining you’re losing?