-- 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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“….prior to COVID, the state was working itself out of the fiscal crisis caused by two years of not having a budget under the prior governor. We were on our way. We were getting into better fiscal territory, which was really good for Illinois…..”
Delusional…..
“… to save taxpayers even more money.”
Yeah, IL has done so well over the many years to save the taxpayers money. That’s why it’s overall the highest-taxed state in the country. What a joke.
Covid caused state tax revenue shortfalls, not government-imposed lockdowns.
The previous governor caused the state’s financial problems, not 30+ years of fiscal mismanagement.
She is a hero for borrowing more money at lower rates, not that rates are lower overall in the country, and other states can borrow at more favorable rates than Illinois.
The state needs more revenue, not that it spends too much.
If she really believes these things, she is delusional.
I don’t think she believes these things, and I don’t think she’s delusional. She’s just toeing the company line. Unfortunately, there are some taxpayers that believe her.