-- 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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Illinois has the highest property taxes in the nation, and those taxes are being driven up by pension costs. Illinois is flat A$$ broke, they are on the brink of bankruptcy. $100,000 are much more common than most states. 3% annual increase while most states are 2% annual increases, that is 50% more in a state that is broke. Most retirees on a pension will make much more money not working than they ever did pretending to work. Lots of the pension money leaves the state to help out other states economies.