-- 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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So depressing to read up on the ceaseless never-ending schemes and plots to loot every last dime of your hard earned equity to feed their upper-income guaranteed deals. Or as most of my chumbolone neighbors and family members do simply do the Illinois “don’t worry be happy” down-on-the-farm two step (https://www.youtube.com/watch?v=d-diB65scQU)………how any of these ghouls get away with claiming to be fighting for the “working class” is beyond me.
sorry for all the adjectives…….
Dream on, PPF says it like it is and that is why he gets all the negative votes. The truth is Illinois is A$$ high in debt and the taxpayers will have to pay for it. There is no easy way out of it. The overly generous pensions with excessive 3% annual increases is going to choke economic growth in the state for generations. The best thing for a young person to do is to leave the state and start a career somewhere else.