-- 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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This is the START-UP NY program which has had mixed results: https://www.forbes.com/sites/andrewlevine2/2016/08/11/start-up-ny-the-good-the-bad-and-the-ugly/#7bd18abe224e
https://nypost.com/2017/04/17/cuomos-failing-start-up-ny-wont-get-his-desired-rebranding/
So let me get this straight, instead of putting pressure on the legislatures to deal with eh pension issue and thus taxes that is why Illinois college graduates are taking jobs elsewhere, they want to incentivize companies to stay here so the graduates will take job here. Brilliant. The best and brightest will flee to escape taxation so IL will be the home to the loser employees who can’t get jobs out of state…totally brilliant.