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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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I can’t wait for tomorrow’s press conference. Jabba calls these prediction makers “carnival barkers in the cheap seats!” Because he’s a goof. I hope he adjusts his “Fair Tax” proposal in the upcoming weeks. I hope he increases the rates while lowering the brackets for everybody. He can’t afford to lower my taxes even a mere .05% during this crisis, he must jack up my rates to 10% and beyond to make up for the lost revenue. That retired DNR worker has a boat he’s gotta fill with gas next month docked in a state without martial law! God forbid… Read more »
If this doesn’t force the much needed reform, what will?
“what will?”
A Republican Trifecta in Springfield.
Absolute collapse with no federal bailout.
You may notice that one of the authors is Amanda Kass, so it might be wise raise the loss estimates by 20%.
We used to say “don’t feed the beast.” Now we should be asking how does the unfed beast react.