-- 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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New polls show Chicagoans strongly oppose Mayor
Who cares what taxpayers want? Taxes will go up, up and away. PPF tells it like it is pensions will be paid first. 80% plus of all tax increases will go to fund public sector pensions. If you do not like it, you can leave the state.
Hey BJ, how about you cut government spending instead?