-- 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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Friends, we need to save articles like this (use screen shots). That way, they can be revisited 6 months from now when the idiocy of Jabba’s plan has had time to really sink in.
Free-market thinkers have too much free space in their heads! People are beyond comfortable. Many are at their last stand.
When did Rich Miller start writing the Crain’s editorials?