-- 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
Please–EVERYONE– if you didn’t hear the Gov’s presentation today at least look at the summary on Capitol Fax today. This ship is taking on water and the Captain is asleep. His answer on what to do about non-working state employees who are still getting full pay– laughable, He mentions one agency and doesn’t mention the other forty -plus code agencies. How about DCEO? DNR? State Liquor Commission? Department of Ag? The 300 plus toll collectors at the Tollway sitting at home watching Netflix? On and on. How hard are all the State Library employees working at home? Paid vacation thanks… Read more »