-- 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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How much does the state get? When the permanent casino in Rockford open next year the mayor was touting how much the city will get which is not much. Maybe a few million but the state will get the highest %. I think that all the money should stay in Rockford and the county except for the taxes owed on the winnings. Where the profits for the city will go is anyone’s guess. I doubt any will be earmarked to property tax relief. Rockford school district will have a referendum to increase the sales tax by another 1% over a… Read more »
Living real close to the cheese border we hardly spend any $$$ in Illinois. Gas, groceries, adult beverages are always cheaper in dairyland. If the Beloit casino ever gets built it will probably suck much of the Rockford casino biz away.