-- 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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How many articles in local newspapers are saying anything in opposition? Most of the general public have no idea what this is about without proper news coverage. There are many union members and their families who will vote for this so it’s a good chance it will pass. Decades ago the same thing probably happened when shall not impair or diminish wording was added. The general public before the internet were clueless on any details but insiders (unions) knew all the details. Now it can’t be touched.