-- 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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This could be epic! The Chicago legacy mob was very Italian, with a sprinkling of Irish hoodlums. Lori hates the Italians! The possibilities are endless!
Regarding casino, I’m also amazed FOP & firefighters union aren’t demanding legislation that insurers 100% of casino tax revenue goes to their pensions. As far as I know, there’s currently no restrictions on what the city can spend Casino tax revenue on?…remember what happened to the parking meter $.