-- 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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The title is a little misleading – it refers more to how Chicago has become a nothing burger. Chicago has crime and high taxes and political views wrapped up into everything from plastic shopping bags to yard signs of many colors. Texas might have high property taxes but they don’t have the subzero temps and people in your face telling you what you should think on a daily basis. Most importantly they don’t have the CTU that is so financially illiterate they can’t seem to grasp the state has no money. There are so many intelligent people in this state… Read more »
It’s a nothing burger. Except why make the move?