-- 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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BJ just put in a BILLION dollar tax increase in Chicago, no 300 million of it is not real-estate but it’s just a whole lot of other new taxes that add up to 300 million. Anyone claiming a victory for stopping the real-estate tax is either a blathering idiot or a democrat stooge. (probably both)
Chicago needs to petition the state to allow bankruptcy, CTU will force this shortly.