-- 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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The state should waste the money like every state does with all federal money
If it is anything like what I have seen recently, it will be allocated poorly. Within two miles of my Illinois residence, two bridges are being resurfaced. No structural work whatsoever, just having the top layer chipped away. Neither bridge required this as the surface was perfectly fine. Both were concrete and will now be asphalt. Complete government waste.
How bout getting rid of toll roads for a couple years. Imagine not having to deal with your I-Pass for a while.
JB, you can even call it equity for the middle class.