-- 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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Best line from the article: “Johnson said he’s reaching out to the state for progressive revenue solutions.” Should be, “Johnson reaching out for fairy dust.”
Geez. A media outlet actually reporting on the true financial debacle Chicago is facing. Where are the Trib, SunTimes and Crains, who have had their heads in the sand for years or decades on these obvious economic problems.
Doesn’t matter where exactly real-estate, bags, or soda, Chicago’s taxes went up a BILLION dollars.
Given the average Chicagoans lack of a brain and spine, let me put you on notice that next year will be even worse and taxes will most definitely be raised again. But hey you can get drunk and watch the Bears lose a 9th straight game, because that’s all you understand or care about.