-- 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
Illinois voters are all for more feel good spending but are so surprised when they find out it costs more in taxes…except the free stuff army that is.
Ralph goes to great lengths to describe what a sow’s ear BJ’s sow’s ear financial decisions have been, concluding that it’ll all be a silk purse with more taxes for more of the same stuff that doesn’t work.
Even ‘regressive’ taxes – Ralph, of course, never having met a tax that he didn’t want to take home with him after dinner-n-drinks.