-- 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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Solve the Pension Crisis with a U Haul. Illinois is toast, a goner. Run for your economic life.
Move to Florida like all the many rich pensioners are doing. Enjoy the good life while all the fools stay in Illinois to pay for your good time.
I agree. I am looking at where to go SOON. In so many areas property values have skyrocketed like Boulder (avg home value over $800K) but here in Rockford the only thing that appreciated are property tax’s. I wouldn’t put in passed them that an exit (pension) tax for everyone who leaves will be implemented some day. Just like we cannot escape paying credit card/or auto loan debts when we move to another state. Anything and everything is now possible in ILL-ANNOY.