-- 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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Just Crazy that every other state is cutting their budget and IL is increasing theirs. Even CA is cutting 10% of salaries. But IL? No way! Nothing has changed, nothing.
“That’s when the state’s primary revenue sources — individual and corporate income taxes and retail sales taxes — began an estimated $3.8 billion nosedive.”
That ‘nose dive’ hasn’t even stopped and keeps increasing in speed. $3.8B is a major underestimate. Then they will say “we never saw this coming!”
“We had a balanced budget before this crisis…”
Hey J. Beluga!!
Better open up real soon or you are in bankruptcy…