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.
Count me as one of the people who will be fleeing the Chitty and the State for greener pastures. No big deal, I will take with me a few hundred thousand dollars in spending in the economy and Tens of thousands of dollars in tax revenue and for many years to come. I will not look back and ever come back. Me and over 100,000 per year like me will get out of Dodge and take their taxpaying family members with us. Long term this is not a good program for the Chitty or State.