-- 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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Taxpayers get screwed again. Nothing new about this. More high-income people will leave the state. More college graduates will leave the state. It is a sorry State of affairs. Thank goodness for illegal immigrants moving in, otherwise it would soon be a ghost town.
My wife and I are taking our high incomes out of Illinois in the next 18 months. A decade-plus of this nonsense is just too much to take. Illinois could be such a great state with reasonable leadership in Chicago and Springfield.