-- 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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As I approach retirement in 5 or 6 years, I seriously have to wonder if improving my property, remodeling, etc. is worth it in Illinois. I don’t see home values going up in Illinois long term, add in property taxes, jobs leaving, income taxes, and growing government and debt. I will hold back and take whatever I can get for my place in 5 years. This state has made and solidified my decision to leave for a warmer, redder, no income tax, low property tax, right to work state somewhere. If on principle alone, let alone economics and quality of… Read more »
I see no talk of reducing expenses through reduction in payroll, redundancy, privatization, wage freezes, etc. the approach should be to first do that ahead of pouring in more taxes. No talk of taxing retirement income either.
where is the long term change, other than taxes going up? Two year property tax freeze will be over in a blink, and then they will soar. Term limits constitutional vote won’t pass in this deep blue state. (Munger race showed us that.). Get Radogno out of negotiating lead. She does not appear to have an understanding of what real change should look like.
Borrowing money to pay past due bills? Who’s the numb nuts that came up with that idea?
Meanwhile, the state Treasurer is sitting on $12 billion in cash! See https://wirepoints.org/12-billion-sits-unused-with-illinois-treasurer-why-wp-original/
Can we add a simple part that makes sure that the numb nut politicians in Springfield are in line to get paid once that borrowing plan is paid off? They’ll be getting their paychecks in 2047, hopeful they are all dead and forgotten.