-- 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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Much, much higher taxes for many years to come. There is a huge Pension Time Bomb exploding. The cash flow is so negative there is no choice but to double taxes every 5 years for 50 years plus. PPF says the must be paid, so taxes must go up for you or you have to run for your economic life. All the young college graduates are looking elsewhere. This is destined to fail.
Theft of taxpayers’ money is the main purpose of all Illinois’ democrat laws and policies