-- 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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Don’t downsize, that’s very shortsighted. The way the bumbling Democrats are being exposed, you’ll need the space. When the republicans return to power courtesy of Democratic fumbling; you’ll need to build more prisons. It will look like the Bataan march.
60% reduction in “customers” but no staff reduction? OK, I guess. Maybe these prison guards can be reassigned to the general law enforcement population where they’ve been having issues with retention.