-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I think Florida, a state of 20 miilion people has about 70 school districts and Illinois, a state of 12 million people, has over 650 school districts. Think of the billions of dollars saved annually with a reduction in all that bureaucracy and long term savings of all those bureaucrats not collecting high paying pensions for 25+ years, if we were just like Florida.
A Forensic audit needs to be performed on all Illinois school districts, especially VVSD 365U in Bolingbrook and Romeoville