-- 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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Chicago and Illinois is fortunately, I think, becoming less corrupt, as these old-timers die off or go to jail. The newer generation is certainly less corrupt. However, they are far more ideological because they are not driven by money. They are not as concerned with $500 cash in while envelopes or the gettin’ in on the business while the business is good. There will always be some of that, for sure, but this newest group of leaders are ideologically driven and they really want to run the state into the ground, and replace the existing order with a progressive utopia.