-- 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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Worth noting is that every candidate supports a graduated income tax meaning quite simply they all want more taxes.
The state doesn’t need more revenue, it’s in the top 5 of the most expensive states in the country it needs to CUT COSTS! This starts with public unions and pensions. The amendment we need is one that lets the state address the insane pensions promised. Most none public union employee’s paying for public union workers will never even dream of what the public pension employee’s get.