-- 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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He misses the mark when he fails to ignore that every taxpayer in Illinois is a working-class citizen. No one likes to pay increasing amounts of money they earned toward an insufferable economic calamity like Chicago, and for that matter, Illinois. Increasing real estate taxes, sales taxes, gas taxes and tolls impacts everyone. The fact they keep taking more out of your pocket is lost on them – but not on the people leaving the state. Hope everyone enjoys paying those cook county taxes right before christmas. Once again, taxpayers get coal and watch illegals and union lackeys open presents.