-- 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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Just the fact the candidates don’t emphasize these reforms during the debates means the reforms will not likely happen. Nice try.
And it is amazing how almost all the TV ads for the candidates focus on crime as the only issue. Yo would think that is the only issue on the agenda. That is a highly important one, but as this article points out, we can’t let property taxes, unfunded pensions and other major fiscal problems go unaddressed.
Why are people fleeing Illinois?
Land of Lincoln now one of the most unpopular states in the nation.
The solution is simple: declare that 1+1=4. That’s the only way these insanely, immorally generous pensions will ever come close to being paid