-- 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 a particularly sick tax. One group of people decided to vote for simply robbing another group of people. This is not a tax that is equally applied and it is a total affront to the concept of our republic. This is simply theft. At a minimum, they should grandfather anyone who already has purchased a property and only apply it to new purchases.
With every state turning blue, there is no place to run to. Like there was in 1980 when I left Illinois.
This is the beginning of the end for property values in Illinois.
The “Beginning” started a long time ago.