-- 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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As I recall tax evasion is a crime. The IRS should audit the kittens out of anyone trying to get away with this scam. The truth is high tax states like IL have been forcing the responsible communities in the country to subsidize their lifestyle. The IRS needs to make examples of anyone who follows the nefarious schemes of state legislators. Once again, the clear intent is to evade taxes which is a crime.