-- 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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In an age when the phrase seems to be uttered with in creasing regularity, the passage “If they do this, Illinois is done” might actually find its true footing, Already, public sector unions run unchecked across the state and this fetid amendment will render any pushback mute. When public sector unions go on strike, they aren’t striking against some faraway corporation, like the looming rail strike. Those are private sector unions. Public sector unions strike against the taxpayer directly. As it stands, Illinois’ public sector unions hold most of the cards. Teachers on strike? Taxpayers ante up every time. This… Read more »