-- 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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Please correct the link to the article. I have been trying to sound the alarm on the MLF program for a few weeks now. I continue to believe it is unconstitutional as it violates vertical separation of powers and creates an agency program for all involved. I have been supportive of the creative actions Powell has taken thus but this MLF program needs to be challenged.
Link is fixed. We have the same concerns. Stay on it.