-- 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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While most residents realize all the deficiencies of IL, it’s taken them a while to actually commit to moving. Now, it’s starting to snowball, as people are really sick of getting screwed repeatedly. Who wants to be there when the pension deficits hit the fan as if property taxes aren’t high enough already? Plus, they hear nothing but positive comments from those who have left.
Responding quickly to changing economic conditions isn’t the Illinois way. Taking advantage of taxpayers by lining their pockets is the Illinois way!