-- 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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What’s not mentioned in articale is the $2.6 billion illinois borrowed from feds to cover unemployment. I thought I was reading in crains the hope was this debt would be majically forgiven by feds. Illinois can use its fed biden bucks to pay back/ replenishing its unemployment funds as other states are planning. Unlike Illinois, this seems #1 priority for other states in great fiscal shape which is an indirect way to offer tax break to businesses. Jb, on the otherhand, wants to increase taxes on business. Is any other state increasing taxes?..we are a joke. Bloomberg Law: States OK… Read more »