-- 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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Much of these so called “reserves” are from being overtaxed. My home here in Rockford,Il is valued at $157K and I pay $6,900/yr in taxes (which is more than the mortgage) still down $29K from purchase price. Many school districts have a year of reserves which is taxpayers money and in the case of a downturn my taxes will still go up.
Ironic Indiana does better than any of our neighboring states & Wisconsin.
#IsleOfSanity