-- 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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Budgeting with “anticipated stimulus funds” seems rather odd being the funding might not be forthcoming and how will the never ending greed of the teachers be satisfied after the funding that does come is spent? Chicago economics in action must be based upon the new common core math.
Why not close the budget gap by planning on finding oil underneath one of the CPS schools? Or winning the lottery? Or plan on having a meteor made of gold crash into a CPS building? If any private corporation was as irresponsible and dishonest in budgeting as CPS, Chicago or Illinois they’d be in jail