-- 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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Rationale statements, and thats great for a change. But you left out a few critical elements. How do we pay for this stuff? So…items you left out of your comments: (1) immediate need for pension constitutional amendment and immediate action; (2) real corruption reform (cause right now ie $10 of taxes only get you i.e. $1 of taxpayer services); and (3) real governance of the public sector, especially property taxes (and unemployment payments). Businesses need to join with the regular taxpayers to get this place cleaned up –fast, cause days of hiring a part time legislator/prop tax attorney to get… Read more »