-- 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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No problem. As long as they aren’t government leeches, nobody in Illinois government cares.
Don’t worry, they will be eligible to collect unemployment.
Yes they will. All on the taxpayer’s dime. It’s a wonderful system. Your neighboring states thank you.
To put this in perspective the 2 most red states that border Illinois, Indiana and Iowa, have either the same Warn notices as Illinois (Indiana) or much worse (Iowa) when size of the state’s population and size of their economy measured by GDP are taken into account. Indiana and Iowa are as red as Illinois is blue. In the last 90 days Iowa had about 1300 Warn notices with a population 1/4 that of Illinois and a GDP that is 1/4 of Illinois’. In the last 90 days Indiana had about 1700 Warn notices with a population just over half… Read more »
Illinois is destined to be a third world nation. The high cost of government is driving businesses to other states in record numbers. The high-income earners & job creators are going to Texas and Florida. The greed of the public sector has destroyed Illinois for generations to come.
Wow. We are about to become our own nation. Who knew?
Chicago metropolitan GDP grew from 561 billion in 2012 to 895 billion in 2023. Almost a trillion dollar economy and EvErYoNe Is LeAvInG. lol
Many would welcome Illinois secession.
Many but not a majority.