-- 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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Taxes are NEVER going down, NEVER.
Low and fixed income voters are often the first ones to the polls to vote for assorted entitlement programs. If any group does NOT deserve a tax break it is them.
Kaegi’s assessments aren’t the main problem. The main problem is that CPS and other local governments are spending too much. Assessments just determine how the excessive cost is distributed.