-- 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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It says 18 and under. Almost no one in that age group is leaving on their own. They move with their parents
Perhaps their parents expect that their children will get a better education in other states.
If a young person leaves Illinois for Florida, they can buy a house with the tax savings.
And use that tax savings to pay for property insurance. If they can even get coverage. Hurricanes will keep driving prices higher and higher.
You are dreaming, the cost of living is slightly lower in Florida. The quality of life is great, and the farther away from the excessive debt in Illinois the better. Stay and pay for all I care. I will take the Sun and Fun. Lots of Illinois pension money is down in Florida to stay.
Florida is a huge microwave oven to me. Not gonna do it.
I’ve had two nieces and one nephew go to school in FL and stay there after saying they wouldn’t. Hurricanes have not deterred them.
Additionally, kids from IL go out of state to college and find that other places are more appealing for various reasons such as moderate climate, geographically more interesting, lower cost of living, lower (or no) state income tax, etc., and as their parents retire elsewhere they have fewer ties to IL. Thats real too.
The little rats are deserving the sinking ship.