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"...(I)t’s getting more expensive to live in Chicago. More taxes won’t help that, and we need to reverse Chicago’s outflow of people – not accelerate it with tone-deaf tax hikes."
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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Given that all this grim news has been out there for awhile, I actually wonder who BJ’s political allies are?
Aside from his woke anti-capitalist Chicago posse, who actually has decided that they want to be one of BJ’s ‘political allies’?
Our wonderful AG endorsed him. Pritzker was cagy about it. I don’t have the sense that there’s been a rush of pol’s in Springfield and DC hurrying to make things easier for BJ.
If you do not raise taxes then how are you going to pay for the HUGE PENSION TIME BOMB that is exploding right now?
These pensions will be paid for 30 plus years with 3% increases every year. This is going to cost a LOT of taxpayer money anyway you look at it.