-- 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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This will be an abandoned crater of a shell of excess in five years. The Chicago Tribune will run articles captioned “what happened?” ….if the Trib is still around, and hopefully it won’t be. Eric Zorn will be walking my dog for a subsistence wage and putting his hand into plastic bag and picking up my dog’s poop.
If they’re that willing to throw $2B away, I can take some of it off their hands…
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