-- 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 was thinking on writing about how this new tax provision would allow the local politicians announce niceties before local elections then pass new taxes to pay for them after the elections or how this will just be an overall tax grab at he end of the day as those little 1/8s and 1/4s add up or even better yet the headlines it would have made for JB had he got the Vice Presidential nod but perhaps something I hadn’t thought of popped up along the lines of those that pay taxes pay more to make up for those that… Read more »