-- 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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“Investment activity is pulling back here as investors are struggling to come to grips with future tax liabilities at the state and local level. ” Stupid article using fancy finance terms to obfuscate the issue. Kaegi has totally F’ed up the commercial tax structure in Cook County and you’d had to be completely insane to purchase property right now. Lake County has adopted the ‘get woke, go broke’ mentality to government finances, and businesses are fleeing the county in droves, leaving in their wake empty office parks, office towers and strip malls. I drove past a strip mall in Buffalo… Read more »