-- 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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Can the bipartisan supermajority favoring pension reform be true? We have been told repeatedly and emphatically that the voters want nothing more than to throw massive alms at the feet of public union members.
You have not seen anything yet. Taxes will double every 5 years for a long, long time.
The Pension Time Bomb is just starting to explode, and it will be the biggest explosion in spending like the world has never seen before. It will destroy the economy of Illinois for generations to come.