-- 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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More games to fool the voters. The state needs more revenue not less. Any extra money should go towards paying the actuarial contributions for pensions. Until that happens any tax cuts are essentially just borrowing money. The only way to make this proposal worse would be to make these tax cuts permanent.
Election silly season at its best. What’s next? Offering to spend large sums of money to pretend to fight crime? Oh wait….