-- 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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As these ill-conceived ideas about raising revenue in Chicago evaporate one by one, yet another spike in Chicago property taxes seems likely. “Objects in the mirror may be closer than they appear.” Chicago residential and commercial property owners should, once again, fasten their seatbelts. Any significant reduction in spending is never an option in bloated Chicago and Illinois.
Why is it that everyone else knows this but Mayor Braindead ?