-- 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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4 Budget directors in 5 years, is all you need to hear…
Mark-Speaking of reserves how much money do most of the taxing bodies have? I have read in the past that some school districts have up to 2 years of reserves. How much do the other units of government have on hand?
Is there a state law on how much they can accumulate? These excesses are keeping our property taxes higher than they should be. Maybe in Ptell counties the reserves may not be so high but I would not bet against that.