-- 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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Mayor Tom, government rarely keeps its word. Only thing for sure is Pensions will be Paid in full and services will be cut to pay for them. So suck it up it will only get worse in the future.
I’ll bet mayor voted for JB. Pritzker promised everything but delivered next to nothing to get the votes. The Gov then turned into George Santos. Rockford will never see that money.The mayor again got screwed by Springfield. There’s a reason Rockford is called Screw City. It took decades to approve the casino which they are building now. How much potential revenue was lost in the meantime? When the casino will be done down the road the Beloit casino at $400M will dwarf the Rockford one. State taxes on winnings in Beloit will be cheaper by at least 3% and it’s… Read more »