-- 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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we need a “marshall plan” to stop silly journalism writing sily articles about things that are never going to happen and wouldn’t fix anythinhg anyway.
Here’s a simple “Marshall Plan”: Massively cut property taxes. Massively cut city and state sales taxes. Massively cut personal and business income taxes. Cut state, county and city government to work within those reduced taxes. Modify all legacy pension payments; if city, county and or state bankruptcy is required then so be it. Do this and the businesses that fuel an economy will return and growth will follow. Basic Economics 101.
““Nobody wants these properties because they are in areas that are losing population, have high crime, and aren’t worth the property taxes you have to pay to own them,” said Pappas (left).” One of the most astute comments I’ve ever heard any elected official make. I also appreciate the suggestions the author gives to revitalize these areas but all of them fail to address the rampant crime and gangs, which in turn causes population loss, and disinvestment. Investing in the area isn’t a ‘build it and they will come’ kind of situation. THe investment follows after the neighborhood has already… Read more »
Some things and places are broken beyond fixing. Chernobyl comes immediately to mind. Neighborhoods — City government sees them as revenue generators if only people and businesses would move back in. Certainly it warrants putting in some government money because some $500 per hour consultant told us that putting good money after bad worked — once … somewhere. A bus driver on paid furlough wouldn’t put $5 of his own money into such a plan. Nor would any legislator who gladly supports the plan using taxpayer money. We should pick city leadership by lottery and we’d have a better chance… Read more »