-- 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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Maybe these businesses need to ask for guaranteed income too….
Taxes are way too high and going higher. Pension debt in the billions leaves no other option. If you do not like it the only way out is to move to another state. The public sector unions have destroyed the quality of life for the normal hard working private sector worker and business. States that have low or no taxes are booming and offer great opportunities to anyone willing to work.