-- 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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What do they mean–“could”? there already is a flight. Very few people from the City, or from the west or North side or suburbs ever go to the south suburbs. They should go take a look at all the once nice towns that are devastated. Businesses are moving east in to Indiana– not north, or west. The towns are falling apart, the schools are bad, and property taxes are through the roof. Now more taxes on businesses in the City? This will be the final straw for south suburbanites who own businesses in the City– not that there are that… Read more »