-- 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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Nobody wants to propose a solution to crime that involves putting more black and brown people in jail. Which means, no solutions at all.
Don’t let the kidders kid you. IL/Chicago is (and has been for decades) totally out of control.
Root cause of it all…massive Tier 1 public pensions that far exceed the ability of non-public union taxpayers to pay, coupled with unbridled political corruption and incompetence in this state. Estimated-IL-#1-3 in highest overall tax burden; #1-3 in political corruption; #51, behind Puerto Rico, in fiscal condition; most poor kids cannot read or do math at grade level; and massive crime. Little/no money “for nuthing” cause we are paying out these massive and out of control Tier 1 public pensions. Despicable and outrageous