-- 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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Sales taxes will be depressed for a long time. Cities and towns are toast when it comes to this. Some people might frequent retail and some small businesses but that’s going to be depressed for a while. They’re going to have to cut, cut, cut. Like I said in earlier posts, the cities that rely on sales taxes are going to be hit the most, while sleepy bedroom communities overly reliant on property taxes will fare much better, albeit with significant pressure from homeowners to lower property taxes.
I hope these towns and cities do open up.
Same. I also hope fat boy tries to stop it and makes international news again.