-- 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
It might not be wise to believe that the Governor’s newly signed into law “criminal justice reform” HB 3653 will do anything to appreciate Chicago property values. Trashing the rule of law will only invite more crime, while encouraging productive tax payers to flee. Prepare for further real equity shrinkage coupled with rising taxes and devaluation of currency. “You will own nothing, but you will be happy.” Nuh huh.
“But he said it was unclear whether the trend would last.”
Clear to the rest of the country but unclear to him. Uh huh. What mix of properties is in your portfolio, boss?