-- 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 how will my buddy, JB, celebrate after spending the bribe money from the other JB in DC? . My bet is that state employees will be granted more pension benefits. Don’t worry, it’s free money from the pension fairy.
They don’t want to use it to pay down debt. Just look at JBs “reopen schools” plan as one small example. Creates administrative costs every step of the way which will just sink us further into pension debt. Shame on Bloomberg for even pretending that IL is serious about it.
Is there anyone who actually believes this?