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.
They’re going to need every penny of it when Pritzker’s income tax increases take effect. The only problem is that the “taxpayer exodus” from Illinois has become so critical that by the end of the year there will be no workers left in the state to pay them their Hazzard Pay…