-- 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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Did not need a study for this, been living it for years.
Not shocking at all. Everyone of those officials probably have a rainy day fund like Burke and Madigan
The average Illinois tax payer gets little to nothing for the taxes taken from them. Most people see maybe road maintenance (that stinks), perhaps some law enforcement, snow plowing…well, thats about it day to day. Nothing more.
More and more of the budget is going to pay for overly generous pensions. This will not change for generations to come. It is cast in stone in the Illinois constitution. If you do not like it the only choice is to move to another state.