-- 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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I count my blessings that I voted with my feet and left Taxistan over 20 years ago. When I lived in Illinois I always felt the state was too controlled by the corrupt Dems and their masters the public sector unions. IMO Mikey Madigan took the Daley racket from Chicago in the 70s and started expanding it in Springfield. That was the beginning of the end. Plenty of blame to go around regarding the current fiscal mess which Illinois currently finds itself. Its very hard to reduce various entitlements once they are granted. Good luck and remember you can always… Read more »
Is Dan Proft secretly PPF? It’s the voter’s fault! No mention that the punishment also falls upon those who are not guilty of voting for criminals.
I guess Proft is not really PPF. He still assigns blame to Madigan and Burke for what they did for decades. He’s not trying to paint them as innocent public servants.
Many people can tell that the Illinois voters are getting the government they deserve. Unlike Proft though, I know that it was Republicans that seized the homes of Cook County families as they were the ones that introduced the proposal and were staunch supporters. All 4 key sponsors were Republicans.