-- 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
Wait, there can’t be a problem. How many times did she say the budget is solid since there is no single revenue line item that is over 13% of the budget. For six or seven months the private sector has been reducing salaries, furloughing and laying off workers, but not the City. When you close McCormick Place, shut down all the restaurants and bars, don’t allow retailers to open, and basically destroy the livelihood of all the businesses that pay taxes, do you not recognize that you have to make some simultaneous cost cuts. Nope, she and her inept staff… Read more »
What’s really sad is that Chicago’s derelict mayor has a good chance at re-election. At some point, the citizens need to admit this is what they want. It’s really incredible – I can only liken it to ‘Stockholm Syndrome’.
It is ALL LIES. Nothing but a Ponzi Scheme.
Cops, Teachers and Firemen are on the Last Big Grab before it all fails.
Chicago is a Goner, DOA, greed has destroyed it.
Nice Luxury homes in Florida for all the greedy government employees.
Illinois “Land of Slavery”
poor taxpayer u get what u vote for u sound awful jealous bout florida homes whats wrong that mcdonalds job not cutting it stop bitching and pay up
Nice answer, Poor Taxpayer keeps ranting about the same thing over and over again. Mental issues or a drunk are my guesses. This dope hasn’t made a qualified comment in months as he only rants about cops, firemen, and teachers. I also believe that as a youth he got kicked around a lot for being a dork.
I need Jesus. I must not mistreat people. Forgive me!
No way shortfall is only $1.2 B.
Looking good Lightweight! Keep choking the life out of your economy, killing the tax base, and praying for a federal bailout. Winning strategy!
Bottom line: Chicago will need to cut expenses further and/ or borrow more and/ or raise taxes and fees more..