-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
When at fault Blame Trump
Financial mismanagement has been the hallmark of the Illinois Democrat Party. Look in the mirror Gov Pritzker!
Pritzker is right, Trump forced him to do fiscally and culturally destructive things. If only Trump hadn’t stopped pension reform and using Covid money for permanent spending. Forcing him to sign a Tier 2 pension bill that further addles the city of Chicago. Trump forced Pritzker to sign the SAFE-T Act and protect criminals while telling victims of crime to suck it up, buttercup.
Illinois is self-inflicted high risk; they do everything to discourage business. Not much choice they have to raise so much more money to pay the pension debt they are going to have to tax everything and anything.