-- 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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Just curious. If I break into your home and take $10,000 worth of cabinets-countertops and fixtures (not toilets) your home has temporarily lost value until repaired but if I am a taxing body and I put an excessive tax burden on your home you have lost equity. Both should be considered theft but only one is illegal the other is legal. Both should be illegal. When caught I would go to prison but the taxing bodies will give themselves raises- bonus’s-pension spikes and redistribute the remaining to others which will do the same thing.