-- 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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Could have been an interesting article if Pritzker or Madigan were asked about Illinois declining population and what they see as the problem(s) to be fixed (this is sarcasm – we know from their actions they could care less)
The die is cast for Illinois. The Trump economy slowed the rate of decay, but the decay continues for Illinois. Pritzker seems intent on increasing the rate of decay. Eventually the Loop will not look like a good place to be- Know of several major companies trying to figure out how to get out of leases.
But property tax’s are higher in counties under Ptell jurisdiction. With Ptell municipalities can get what was levied in tax’s the year before plus 5% or 1/2 of inflation whichever is less so taxing bodies are getting more money from fewer people. To me “Theft of Equity” thru excessive property taxation should be a criminal offense.
Of course, the solution to the population decline is to legalize infanticide up until the poor child takes his or her first breath, raise taxes on every else who lives here, and encourage illegal immigrants, who pay little if any taxes, to move on in and attend our schools and use our dwindling resources. Now elderly illegal immigrants can get free nursing home care for life via Medicaid! My parents who have little money are paying for the illegal immigrant who has no money. Fantastic idea! Because the ideas that other states use to attract residents – low taxes,… Read more »
Debtsor,
don’t forget to pay public sector employees double and provide a guaranteed pension so lucrative that they can retire in Florida 20 years earlier than the rest of us. Also, ignore the constitution where possible.