-- 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
Our organization, New Illinois, is in frequent contact with Illinois Separation Referendum. (We have the same end goal but different activities.) Since 2020, their advisory referendum has been on 26 countywide ballots plus 2 township ballots. In each case, it has won by a landslide of between 63% – 83%. In November, it will be on the ballots in 6 more counties. Interestingly, their leader told me today that she had declined an invitation to be on the Secession Speakeasy podcast. Like us, they avoid the word “secession” because we are pursuing a constitutional process, provided in Article IV, Sec… Read more »
There is a mechanism for ‘allowing’ ‘secession’ (in other words, making them want to allow it) available under existing law: Create a municipality (Village) from all unincorporated Illinois land. Working title: ‘Village of TIF 1’. Municipalities are entitled to a percentage of State tax revenues, based upon population (this is why Chicago swings such a big…penetration tool… in Illinois politics). Write a stern&strict&specific Village charter including ordinances for harsh personal penalties for local government corruption and making public borrowings–guaranteed by municipal taxpayers– exceedingly difficult. Declare the entire Village of TIF BLIGHTED and therefore in one big TIF district. Net effect:… Read more »
Democrats will never allow this because they lose important Democrat congressional seats.
I hope it works. Best advise my dad every gave me, get out of Chicago and Cook County. The taxes will kill you and they will
Never stop rising. Moved into DuPage and things were good for 25 years. The democrats started moving in like a fungus
That grows on everything. Time to move again 110 miles south by west. New county
Good again but soon I will need to move again this time out of Illinois.
Good luck to all so affected.
Throw in the increasingly progressive collar counties also as a buffer.
Count me in. Do I have to move out of Cook County though?