-- 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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Thank you Cook County Board, paying the bills, paying the pension bills, is the responsible thing to do. Thank you for more revenues. The crowd who believe lower taxes means more revenues for govt have nearly bankrupted us with voodoo economics. Fairwell to that logic. Hello to moody upgrades! Hello to population growth. Hello to better roads and bridges. Others will follow.