-- 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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Decrease taxes? That’s a good way to give democrat politicians a heart attack.
We need more tax revenue not less. The state budget is not balanced by over 4 billion dollars because we are not making actuarial payments to the pension funds. We are running a deficit every year by basically borrowing this money from the pensions.
It’s time for the politicians and voters to be honest. We need to cut spending and increase taxes to make up for this shortfall. Pay more now or pay a lot more later.