-- 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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The way the Illinois media often reports on jobs added and not jobs lost reminds me of how my in-laws would tell me how much money they won gambling without saying how much they spent. Maybe some of the media define a balanced budget the way Illinois does, too.
Not a lot of job opportunities in the Rantoul area so this hurts big time. Illinois has done nothing but chase away the job creators and now there is little opportunity in the private sector for so many residents. Want to get rich in Illinois? Work for the public sector.