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.
Looks like an 11th hour income tax hike on individuals and businesses is forthcoming in the lame duck session…ugh
Margaret Thatcher was right, sooner or later you run out of other people’s money.