-- 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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I’d prefer that our well-nourished gov. just use some of his vast wealth hidden in offshore trusts to pay my portion of the progressive tax on my behalf. Illinois has 17 billionaires. tax all of one billionaire’s money each year for the next 17 years and no one other than the billionaire has to pay increased taxes! This sounds absurd? Not as crazy as the ‘fair’ tax sounds to the middle class!