-- 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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So, not only are the taxes too high (we need a 1% cap) but no matter what the percentage, the multiplier is too high; go figure.
Oh No, Discrimination against minorities! Over charging based upon income! Political donations from lawyers bilking the system! Failure to fix identified irregularities and violations of state law? Where is Lisa Madigan? Protector of the little guy and minorities? Where are the midnight Federal agents raiding the homes of those responsible, seizing computers…. If this was a bank or a private business they would be fined, sent to jail or shut down. But these are all friends of Mike. And Mike is Lisa’s dad. No one will go jail. No one will get fined. Probably no one will get fired or… Read more »