-- 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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Fun fact: the majority of tax delinquent properties in all of Cook County are on the south and west sides of Chicago and in the southern suburbs. Delinquent properties are a DRAG on the revenues of local government. A significant portion of the residents of the subject communities are not paying CURRENT taxes, even before the vote to INCREASE taxes to fund “free” mental health care. Due to the number of delinquencies the rest of the City and Cook County is SUBSIDIZING the provision of CURRENT government services to these areas. Once “free” mental health care is instituted the city,… Read more »
Wow! I’m shocked, shocked, that the gimmie-dat class voted for free stuff
It’s all that they know, cradle to grave since 1964. Dr. Frankenstein couldn’t have created a worse monster had he tried.