-- 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 reminds of Lex Luthor when he bought land on the Nevada border and wanted to turn that into beachfront property after California slid into the ocean. Huge tax burdens now and higher in the near future without any reforms whatsoever on the docket will drive more people out of Illinois and those in power will eventually buy land for pennies on the dollar. This is probably their plan all along. Who knows?
They really are serious about doubling down on making this state unaffordable to reside. I thought there might be some moments of sanity but there has been none.
Why not make the minimum wage $50 an hour and eliminate poverty completely?