-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Reading the article, it sounds like the city has given into thinking the problem is a spending problem and only is looking at it as a revenue problem. Perhaps they are just being realistic, but I don’t see how Peoria ever could collect enough revenue to pay the pension obligations. Even the mantra of soak the rich will not work because Peoria doesn’t nearly have enough rich people. Too bad – every former and current Illinois high school cross country athlete has fond memories of Peoria and Detwiler Park and has an emotional attachment to the sustainment of Peoria. Quite… Read more »