-- 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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Unfunded Pension liabilities will be the cause of death for Illinois and Chicago. Pensions costs are exploding and will continue till they are ended. Taxes have to go much HIGHER to even come close to funding pensions. The way is it set up now the next generation will be higher in debt before they are born than ever in recorded history.
You can’t tax you way out of this hole, bankruptcy is the only solution for Chicago (and it it was possible) Illinois.