-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Reminds me of George H W Bush in 1988 when he said Read My Lips. No New Tax’s. He was partly telling the truth as there will be no new tax’s like if you have 6 toes on each foot or taxing long fingernails/etc. But every tax that’s on the books can be raised because they are OLD tax’s not new. Typical political doublespeak.
Bush was not elected for a 2nd term. Preckwinkle will be county board president until she strokes out at her desk because she’s the chairwoman of the local D party and everyone in Cook County votes D.