-- 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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From the article: “A recent report by Moody’s Investors Service concluded that the state is now among the least prepared for a moderate recession, with enough reserves to last only about two weeks should such a crisis unfold.“
From the referenced report:
Moody’s Analytics
Stress-Testing States: Looking Toward the Next Recession
September 2022.
Page 13, Appendix A, Table 2: State stress-test results as a % of fiscal 2021 general fund revenues.
Illinois is in last place.
https://www.economy.com/getlocal?q=a7a91c91-cad1-447d-a03f-cd48c8cdaa21&app=eccafile
Illinois repels business/job creators for many reasons: — the most business hostile laws/regulations in America — the most burdensome tax structures/tax rates in the US — a failing educational system at all levels — the worst fiscal basket case among all 50 states — out of control crime/soft on crime Democrats that have made law and order impossible — crooked and corrupt unions that have a stranglehold on government — the worst corruption of any state/one party misrule — a Democrat state energy suicide pact that will give Illinois 3rd world power blackouts and last but not least — a… Read more »
This will be considered good news in a few years. Things are going to get much worse. Illinois has decided to destroy private enterprise and it is working.