-- 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 found another similar article nearby: “It’s terrible … There are more people applying for Real Estate Tax appeal money than there are dollars that we could provide,” the governor said. “So if people are defrauding the system, these wealthy owners of mansions are literally committing fraud here, we need to go find them, root it out, and make sure those dollars go to the right people.” Pritzker said the state has limited funding available for a limited number of qualified mansion owners “which we increased by 10,000 more just this Spring.” “We want it to go to the mansion… Read more »
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