-- 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
This is another Trump Derangement Syndrome bill. There is already a federal solution for people who can’t afford to pay their bills – it’s called Bankruptcy. In fact, people in IL file more of it on a per capita basis than almost any other state!! Second, the comment that “Herrera says the issue mainly affects minority communities.” is TOTALLY RACIST. What Mr. Herrera is really saying is that minorities don’t pay their bills on time. What a horrible racist thing to say. Does he assume that POC are incapable of responsibly paying their bills? Is timely bill paying something that… Read more »
Illinois should change the law of 1% month late payments after the initial 90 day period. This should have been indexed to the prime rate which is now 5.5% not 12% and much lower the past few years. When enacted in the early 80’s prime was 12% and not indexed to prime rate changes or CPI like other states did. Taxpayers could saved have many many hundreds of millions. I would love to get 5.5% let alone 12% on late payments owed to me. This can and should still be done now.