-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The windfall goes to the buyers of the taxes because of laws implemented by…wait for it…elected officials. GFY if you try to defend this.
Given that Illinois is a pathetic woke swamp that truly cares little about its people, I’m not surprised at this BS argument. What an embarrassment to the State of Illinois!!!!!
Let’s say I control a system that effectively allows theft, can I claim innocence because I didn’t profit. I believe when a car is repo’d it goes to auction and the owner gets the excess, that’s how forced property sales should be. The karma train is pulling into the station.
IL tax sale laws are evil – tax sales have been a racket in IL for decades. Go ahead, go to the SCOTUS – can’t wait for the trial.
So it’s OK because the windfall doesn’t go to the state, it goes to the tax buyer. And who do you think the tax buyers are? Probably well connected friends and relatives of politicians who are on the lookout for such properties and get early looks at what’s available. Firms like Burke’s and Madigan’s, even if not the buyers themselves, know how to gift it to help contributors and allies.