-- 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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Much of this money comes from the family budgets meant for supporting children. Illinois has no problem stealing from the next generation.
Here in Rockford they started to build the casino a few months back. The pols seem to think this is manna from heaven. How will the proceeds reduce Rockford’s excessively high property taxes. The tax rate went down due to a slight increase in values but my taxes still went up compliments of PTELL. I would like to see what impact the Beloit casino valued at over $400M when finished will do to our casino.
“Gambling expansion in Illinois: How much is too much?”
To continue to mismanage taxpayer revenue for bloated staffs, pensions, salaries, health care benefits, etc., there is no upper limit to gambling expansion in Illinois. Sodom and Gomorrah, you got nuthin’ on us.