-- 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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I would like to see suburbs leave Cook County and annex to surrounding counties. Sick of paying for Chicago.
You all in the suburbs don’t pay for Chicago. We are the ones paying for you. Sure, go ahead, hitch your wagon to…Waukegan? lol
North Shore resident here: Indiana, you can have them. So sick of my tax dollars propping up counties and residents that resent my success for no reason, yet still want to let me pay for their largesse.
I agree Norm. Just make sure they take their portion of the debt with them.