-- Connecting the dots between our economy, government and business --
"The capital flight is already underway, not to mention the exodus of citizens who have moved. You can almost feel the energy being drained from the state as high taxes, deteriorating schools, high crime rates, and a disgust at politicians from both parties imparts a sense of helplessness and discouragement. Yes, but at least the teachers are happy."
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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