-- 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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It would be great if the media could provide details of the fraudulent claims of $2B, the theft of benefits as reported in July and the potential corruption in the unemployment division. Then I will start to think unemployment figures in this state are accurate. Corporations all have an extra “kicker’ added to their Illinois bill to build up the unemployment fund. Why is this needed if numbers are so good?