-- 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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Christine: A two year property tax freeze is not transformational. Rather it is a gimmick to deflect from the massive permanent tax increases you appear to be supporting. Also, the proposed reforms appear to be at the fringes, and likely could be reversed by our captured courts. What is transformational are the proposed tax and minimum wages increases. They will drive jobs and our most productive citizens out of our state. What do you want your legacy to be? Seems like this will be the defining time.
Their legacy is their personal pensions and campaign contribution account. I unfortunately have lost all faith in the incumbents that got us into the mess we are in and can see that they have no intention of fixing anything beyond demanding more taxes.