-- 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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I guess no one should be surprised that there is very little public discussion by the aldermen or mayor regarding the impact of the torrent of property tax increases, fines, levies, etc. to be foisted on Chicagoans and that the taking will not improve conditions in public education, policing or any other core government function. Every penny will be sucked into the death spiral of government employee pensions. What really surprises me is the apparent lack of serious opposition from the folks that will be hurt the most, namely the poor and the private sector employed middle class residents. It’s… Read more »