-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
huh? Bally’s tax revenue is set aside for city cop & fire pensions but approx 22% of Bally’s prop tax break would have gone to pensions? So in total, is city gaining any new pension revenue with Bally’s deal? Or, I guess Bally’s prop tax break is past on to dopey homeowners to pick up the difference? Seems like a total three-card-monty switheroo con game on dopey taxpayers to me. But what else is new in Chicago?