-- 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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I recall that during the pandemic (JBs) daily press briefings when the first financial aid package was passed, President Trump called out Illinois/Pritzker for how out of date the Department of Employment Services was and offered federal government assistance to work out the problems to get money to people without problems. JB’s response was to use federal aid money to hire 3 consulting firms to rescue IDES. The rollout was terrible, the system is still not working well, fraud and debt. JBs lack of leadership.