-- 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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Both state governments spend money like a drunk sailor.
Follow the money and it ends up a Pensions.
Always following the money, it is the true story.
Ok, does that mean Jersey falls before everyone else?
There are too many variables for anyone to know the answer.
Your best resource is probably Truth in Accounting for state comparisons.
Is there a description of what plans were included in the comparison?
Hard to compare apples to apples without knowing that.
For instance were police and fire included in NJ but not IL.
etc.