-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I am not an attorney but what is to keep the high WAGE earners like doctors-lawyers etc from incorporating in Illinois or maybe in another state and get paid from the corporation or the corp pays for most of the daily expenses. Bill Gates-Zuckerberg and others only get a $1.00 salary. Buffet around $250K – Bezos? even though they are multi multi billionaires. They are only taxed when they sell stock if even then. Private jets limos and every luxury are paid for by the corp not by getting a paycheck and then paying for that out of their bank… Read more »