-- 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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No better way to drive business to leave/avoid downtonw
Either the CC Assessor goes after business or residents, or both. No matter the scenario, IL loses, because spikes in already draconian PTs will just cause more out-migration. However, as debtsor repeatedly comments, IL doesn’t seem concerned about its ever-decreasing population and loss of business.
Raise taxes and lose more businesses and workers. There is a reason why people are leaving the Chitty of Chicago, a good reason.