-- 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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Since Illinois has an insatiable desire to spend taxpayer money, any savings in operational efficiencies, such as from significantly reducing the number of redundant and duplicative operations and associated employees in Illinois governmental offices, would be at least partially offset by new and increasing taxes and fees in other areas. Maybe the best we can hope for is that Illinois government downscales from ridiculously bloated to extremely bloated.
There are two and only two ways stated in this article by which the state can supposedly overcome its budget problems: 1) “Efficiencies,” but not a single example is given. 2) Tax increases. Thanks for nothing.