-- 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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Now all we need is yearly pandemics with federal bailouts.
What happens if a Republican is elected President and no longer periodically bails out a mismanaged, blue state like IL with billions of dollars? Do our property taxes, already ridiculously high, increase 20+ percent a year? Will retirement income be taxed? I’d like to see IL forced into fiscal responsibility but not at the expense of its residents.
So you want it to be at the expense of non-residents? Your statement doesn’t make any sense but then again that’s the problem with politics. You just want the problem to go away with magic. More taxes and/or less spending. Those are your choices.
Illinois will eventually be forced to deal with their spending and its residents will forced to deal with the pain.
“More taxes and/or less spending. Those are your choices.”
less spending
Now get to work electing politicians that agree with you. In the meantime, more taxes for everyone.