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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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With jails full, prosecutors reluctant, criminals likely uncollectible, etc., the chances of recovery of the stolen money seem very remote. Is there a federal nexus that would enable government liens on all of these people’s property and future income — like a child support lien or the like?
Regrettably my mind turns toward taking one finger for each $5,000 and move on to the ears and the scalp. If they already live in Chicago, is there anywhere where exile would be a punishment?
Just come out and say it like it is, “The taxpayer got screwed Again”.
Since the state of IL will not do it, and the Fed government will not do it, I will provide my estimate. Given IL is the state of political CIG (corruption; incompetence; and greed)….and the fact that IL is at or close to the bottom of almost ALL key political metrics…my guess is: -IL unemployment fraud was by far the worst unemployment fraud in the country. No problem tho, no one will publish the numbers, and the public unions and IL politicians will probably advise to just raise everyone’s property taxes (except those parties represented by property tax attorneys who… Read more »