-- 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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It is great news representatives are putting this bill forward, and hopefully the rest of the legislature will sign onto it. Unfortunately, it shows the sad state of affairs when you have to actually create a bill to keep corrupt foreign investment out of tax credits. With reduced foreign investment, Illinois in particular will likely miss out on new developments because businesses do not want to pay taxes for incompetence. The governor thinks Green Energy and Microchips are going to save his run for President so I would expect him to blame this development on Trump instead of his own… Read more »