-- 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, maybe he’ll slightly reduce the $1.15B shortfall with spending cuts and say he’s done all he could (without breaking a sweat). Who said the Dems don’t reduce spending?
Of course he never talks about eliminating his many committees created to employ his friends. And what position does his wife hold? Taxpayers paid to remodel her office.
Typical democratic response “We don’t have a spending problem we have a REVENUE PROBLEM.” What a joke .
Looks like it’s time to buy bottled water, liquor, and plastic bags in the suburbs. Increasing taxes on such items rarely brings in the expected revenue.
Flat out what a joke.