-- 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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IL “could cut residential property taxes by about 10 percent” – “Could” lol. Even if, our effective property tax rate would still be over 2%. We’re well beyond the 10% reduction threshold.
BTW – I see a few labor unions earmark their UIUC contributions for the Center for Middle Class Renewal. Is there any way to redirect taxpayer higher education funding away from the Labor Education Program and have it fully funded by organized labor, since it’s their de-facto marketing arm anyway? I see no need to subsidize research that raises my taxes.