-- 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 think the smartest bear in the room would watch the taxes be reinstated all around him and reap the rewards from not doing so in more revenue from the stores, gas stations etc that are now much busier in his neck of the woods. An exponential increase in business would certainly keep stores, etc in business ( and thus ensure a source of property/ business tax revenue) while other places are going belly up.
Glencoe used to be a place in Scotland where a tragedy took place. Now it’s in Illinois!