-- 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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Those wacky IL pols are at it again. You have to love projected revenue figures. How many residents will move out of state because of these draconian tax increases? The answer is: many more than the IL pols will tell you. The pols are shifting the death spiral into high gear now.
How much will this increase the total amount the state has to fund out of its operation budget year over year for all the vehicles it supports? Anyone know?
I have been unable to find a consolidated number.