-- 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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In Illinois “infrastructure” spending is a ruse, the money Will largely go to lawyers starting 20 year environmental studies and inefficient prevailing wage union waste. For every 1 mile of road Illinois can build, other states can build 15 miles. The Joliet I80 bridge will collapse in the middle of a 20 year environmental suit on how to fix it.
This one move will add another $10,000 plus per taxpaying person and company in Illinois. Plus interest. Plus a new shortfall in 2019 for Chicago, Cook, and Illinois. Plus thousands of small units of government new deficits for education, pensions, etc. The debt spiral is really in motion in Illinois.