-- 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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“ Carnival barkers!” roared one presidential hopeful in between bites of food and fuming about Trump.
“Of those polled, nearly half said they would also move out of the state if given the chance.”
This does not predict a good future for Illinois. I would have thought more than half would move. As taxes keep going up, up and away that number will grow larger. Illinois has been destroyed by huge overly generous pensions for the public sector workers.
“Of those polled, nearly half said they would also move out of the state if given the chance.” This quote will elicit laughter from many WP commenters. What does “if given the chance” mean? So many Illinois chumbolones will never be given the chance. That’s why they’re chumbolones. They’ll always have reasons not to move.