-- 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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To get IL back on track, the constitutional amendment needs to result in significantly less pension and health care benefits for state retirees; especially, teachers. Anything less will have a minimal effect on the massive tax burden on current IL taxpayers.
What’s driving the population decline?
Pompous ass editorials in the Daily Herald that shapes the opinions of the voting electorate as the Daily Herald pushes one big government liberal candidate after another would be my answer. After the policies of said candidates are enacted and the repercussions felt, people then vote a second time, only with their feet.