-- 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 tax rate increase is NOTHING compared to what will happen in the years to come. Every year for as far as the eye can see Taxes will go up, up and away. Their is a HUGE pension time bomb going off right now. Run for your economic life or get run over by it. PPF and the likes of him have stolen money from generations to come. As more people leave the cost per taxpayer goes up and up causing more people to leave. Soon only the poor and the greedy government worker will be left. Once a great… Read more »
The continued federal bailouts of billions of dollars to mismanaged blue states slows the “pension time bomb” you speak of. If a Republican is elected president, one would hope the feds don’t send billions of dollars to these states every time the states ask for it. If the spigot is turned off or the flow significantly reduced, that would force these mismanaged states to, you know, manage taxpayer funds responsibly. What a concept!