-- 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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Folks, in the near future there’ll be another car race of sorts to see who can drive out of Chicago, Cook County and the State of Illinois the fastest.
Of course you’ll be driving to a red state (possibly Northern Wisconsin or the Upper Penninsula of Michigan).
Just remember to leave any Democratic Party voting habits you may have acquired at the border or you’ll foul your new nest too.