-- 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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1.3 Bil? That’s all? Heck, Griffin’s got that in his checking account right now. Just fine him a couple of times for weeds in his (condo) yard and before you know it with the court fees and such it’ll easily be over a bil…
There is zero political will to fix this problem.
It amazes me that these politicians–over and over–would rather anger millions of taxpayers than confront the public employee unions. I find that simply astounding.
Essentially they value their political aspirations over the well-being of millions. These politicians are shallow beasts.
Get ready for huge tax raises. They will punish businesses first, until we are leaving/failing enough to be very visible to common people. Even then the politicians will pile on before demanding one red cent from a public employee union.
Then when the recession hits…
But lying snake oil salesman sake of s rahm has moved on to be a national news commentator?? Because he did such a bang-up job in chicago??
Rahm prevented all of Chicago from becoming Baltimore or Detroit. He kicked the can down the road, for sure, but that’s really all he could do as a politician.