-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Here in Rockford we are building a new Mercy Health $505 million hospital. This 1/2 billion dollar structure will pay no property taxes while I pay $6,900 on a $157K home. Even though they will hand out some charitable healthcare they will still be making lots of money. By this same reasoning if I donate a small portion to my church or any charitable organization my property should also be tax exempt. The hospital is not giving 100% of profits to free healthcare as I do not give 100% of my income to charity. They should at least pay for… Read more »