-- 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 takes $250K annually to just survive in Illinois! Then you really get the screws put to you.
Illinois will be the first state to declare bankruptcy. You watch and see! They already have their hand out for tax payer money to fix the shoreline of all those Democrat Lakefront properties.
My household income is near $250,000 and we live just fine, have savings, a house, two paid off cars, disposable income and so on. $250,000 is without a doubt, a lot of money, but you can live off a lot less than $250,000 in Illinois. $250,000 in Cali or NYC is a nothing burger, but it’s a decent income here.
First of all, $250,000 a year is not a lot, and secondly, I respectfully disagree that those ‘lucky’ enough to earn a whopping $250,000 should turn around and be required to fund IL’s retired pensioners.