-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The author seems to imply that taxing suburban residents who spend 40 hours per week or less per week within Chicago’s boundaries is one solution to Chicago’s financial problems. But he is wrong because this is the quickest way to keep suburban residents OUT of Chicago. Most suburbanites I know hate traveling into Chicago (it’s a 90 minute drive in traffic even on a good day from Arl. Hts). This is just another reason to keep them out.