-- 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 read a story years ago that there is a major street that separates portions of Vermont and New Hampshire. The Vermont sales tax rate, not surprisingly, is very high as compared to N.H.’s relatively lower rate. Over the years businesses and shopping have sprung along the N.H. side of the border while businesses have shuttered on the Vermont side, causing many of the towns along the border to struggle economically as Vermont residents – who all voted for the higher sales tax – choose to make their purchases in N.H. I imagine this trend in IL will only continue,… Read more »