-- 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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If inflation drives up other prices it only makes sense that the cost of government would also rise. Too bad Chicago doesn’t follow the same strategy. Now they will beg for more money from the state because they weren’t fiscally responsible by raising taxes to the maximum allowable.
Ironically, the cost of government is what causes inflation in the first place.
So true.
“TAX to the MAX” Illinois’ new and old slogan. Should be on every state flag. Also tee shirts.