-- 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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Crikey!
Throw another rat on the barbie.
Not only does Illinois misallocate taxpayer resources on the buy side of the ledger, it squanders a public asset on the sell side too.
This reminds me of the parking meter fiasco which we’ll be paying for for decades to come.
Hmmmmm….this will raise a few eyebrows. Being sold as a win for the taxpayers?