-- 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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Hmm, Crain’s may get the Captain Obvious in journalism award this year.
Exactly correct.
Sword of Damocles hanging over everyone in CHI/IL. Everyone knows it, and nothing substantive is done about it, unlike most other states. IL citizens taxed to the max, with everything going to public pensions, and still the risk of massive property tax hikes, for those “that can pay (eg “equity”)”, increases every second. IL politicians used to have CHI as their “checkmate”, so we had to “shut up and take it”, but MS Teams has something to say about that.
Nice that Crain’s is finally paying a little attention to the topic, even if it is still deficient. Where have they been that last fifteen years as this crisis has unfolded in plain sight year after year at both the City and the State?
Heads firmly up Obozo’s and Pritzker’s rear ends. With Pritzker it’s hard to tell which end is the rear though..