-- 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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The problem in Illinois is not tariff uncertainty; the problem is the funding of our nation leading 8,529 units of local government, this is the driver of property taxes and why citizens are leaving the state. Forty-six states have less than 2,500 units of local government!!!
Yet I don’t hear any government representatives talking about taking pay cuts, doing away with wasteful social service programs, trimming a bloated beyond belief government staff and spending, etc. That gets lost in the narrative.
High tariffs hurt Democratic tax increases and Dem tax and spend policies.