-- 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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Like I said before, when IL taxing bodies talk about lowering PTs or keeping them in check, the taxing bodies will get the lost revenue from taxpayers in other ways. When an IL taxing body is willing to cut you a break on PTs, be suspicious.
Another one with two last names that tries to paper over the fact the cutting staff and bloated social services is never an option in IL.