-- 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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It’s repulsive that the ONLY topic coming out of the mouths of elected officials is about various tax increases. Not a word spoken about fixing the problems that put the state in basically what could be considered bankruptcy. This whole infrastructure tax nonsense will only hurt the lower income earners. Someone living pay check to pay check will find it very difficult to cough up twice as much for plate renewal, driver’s license renewal and then the add’l tax (also doubled) on filling up the tank. Shame on these lawmakers. Enough is enough. It’s time to move.