-- 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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Taxes HAVE to go Way higher than they are now to even come close to covering the huge pension time bomb going off. This bomb will be exploding for the next generation. Illinois biggest problem will be the loss of high earners in the population. Most everyone is considering leaving ASAP. They all see what is coming down the road. They call this Brain Drain.
I like – The Doom Loop Brain Drain!!