-- 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
Well, that was a pretty grim read.
Time for JB to remind us all again that businesses are really flocking to Illinois.
Along with people who would like to pay a lot of taxes for awful schools, terrible roads, unaffordable utility bills, and lousy public safety, so long as they can get an abortion whenever they’d like one.
It’s bad and only getting worse. There is nothing in the near term or medium term that will fill these offices. This is a nightmare scenario across the entire industry. It’s the Spring of 1929 right now.
Going to get worse as more businesses flee the state. The State has done its best to discourage private enterprise. Let PPF and his fellow lackies (James) make up the difference in tax revenue. Plenty of room to raise taxes or so they say.