-- 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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Mayor Cliff Notes keeps up his ‘tax the rich’ drivel, actually promising the same hiked tax dollars to multiple failing agencies at the same time, despite the ability to spend those dollars only once. Chicago could have elected competence (at least in theory) with a Mayor Vallas. The dwindling electorate instead installed yet another DEI hire who quickly found himself in way over his head and failing to tread water.
A Chapter 9 filing seems inevitable now.
Haven’t once heard the word “CUTS”.
Firing crossing guards and janitors isn’t going to get the job done.
Time to consolidate empty schools and fire around 9,000 newly hire teachers.
Fantastic!!—if your not in on the Ill/chi gov $scam$ (old machine/new machine or family members), who are the few lib-tard moops that still sip the kool-aid??? They must be a sorry lot.
Remember those cartoons where the guy as he was drowning would put up 1 then 2 then 3 fingers. Kind of reminds me of Mayor Banjo the Clown
What amazes me is the denial of cause and effect by Pritzker and Johnson. Raise taxes, people will leave. People with money will leave and not be replaced. They have the resources and sense to leave. In Chicago’s case, raise a payroll or head tax, what would it take to move a couple of blocks to a suburb?
Or over the border.