-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Bravo to Nikki for calling bullshit on this!
Its good to see this getting national attention — less likely to get snuck into an omnibus bill. Thank you WP crew for reporting on it!
The senate leader’s first major move (since Cullerton’s voluntary or forced resignation) was to make 40 of his fellow Democrat senate members sign their name to a letter begging the federal government for a pipe dream of a bailout. Did he even bother to consult with the 19 Republicans in the senate? Was Sen. Harmon not aware of the national ridicule that would follow? Even the NYT had the mind to say “WTF is this?” The IL legislature is a gosh dang circus. They’re really good at putting on a show, like abortions for everyone! But when it comes to… Read more »
I thought Harmon’s “ask” a powerful, albeit implicit, admission that Democrats in the state have botched State finances beyond their capacity to repair. A rare glimpse into, so to speak, of their awareness of depth of the problem that they have created. Hardly coincidental that Capitol Fax turned off comments to a thread on this subject matter. I mean, can’t have an honest discussion over the actual state of affairs, can we? That would interrupt the narrative that we need only soak “the rich” to bring the State back to health.