-- 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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Great idea! let’s piss off everyone in the state.
How about a plan to cut taxes?
We can’t cut taxes. We are currently spending more money every year than we collect in revenue when you factor in shorting pension funds. The state needs to cut spending and if it’s less than 4 billion per year then we can’t afford to give you a tax cut. If anything, taxes will need to be raised until we cut spending.