-- 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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“economic disaster”?
Happy to take my chances.
The Deep State and Political Hacks said the same about BREXIT.
UK doing just fine.
If the state needs to cut expenses this is where they should start. We need to stop subsidizing the downstate takers.
Agreed. Break every school district into discrete units, free to negotiate their own deals and teaching practices, with a fixed subsidy per pupil from the State. Detach each discrete unit into autonomous economic entities which are solely responsible for the debts they incur, not the debts driven by Chicago politics.
Free up the vast tracts of Illinois lands, which are now “salted earth” due to public debt and pension burdens caused not locally but by political practices far from Southern Illinois, to prosper or perish based upon their individual local non-corrupt political policies.
“with a fixed subsidy per pupil from the State”
How about those southern districts pay their own way. Without Chicago and the surrounding collar counties, the southern part of Illinois would be dirt poor. Why should we subsidize them? They act like they are getting cheated when in fact they are taking more from the makers. Fixed per pupil subsidy would only allow that to continue.
Dirt poor until they cook county companies realize they can relocate to DuPage county, New Illinois and not deal with any of cook counties problems. Pretty soon, cook county would be the poorest state in the nation.
Lol
Sure thing my blind little friend. As soon as you stop eating any food produced downstate or in any red state. Your “taker” argument works as well as the CRT garbage. We’re coming for your pension Skippy.
Lol
I believe this research ignores the massive debt per capita (unfunded teacher pension entitlements and OPEBs) being accrued largely
due to economic practices of Chicago and Chicago’s handmaidens in Springfield.
Net annual receipts on the lower dollar amounts attributable to downstate are trivial compared to the amount of debt encumbrance being heaped upon the land and population of the region.
Time and again we have unionized academics telling us not to believe our lying eyes. I’m still waiting for the roads to be patched.