-- 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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And if it passes which is good knowing Illinois and there committees this will take 20 years or more to accomplish if at all. Remember the property tax committee still haven’t heard a word or recommendation on the 80 or so committee members. Just another smoke screen in hoping people forget about it, the Illinois way and Welch wants to restore trust in Illinois politicians for the people, ha ha ha there’s a sand pile in the corner stick your head in it.