-- 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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IL/Chicago politicians—will not even discuss key issues which must be fixed (ie public sector pensions/remuneration; fiscal condition (bond ratings!); political corruption; crime; schools; political mismanagement and malfeasance (ie actual key process governance); –and of course they are “owned” by the public unions. So not only won’t they talk about this stuff, or of course do anything about it, they instead slap non-public union taxpayers in the face with Amendment 1…(and of course the un-SafeT Act). Audacious and condescending to the max, and of course a 180 from their oaths of office, to be fiduciaries for all citizens of the state,… Read more »
just like rahm, smith can be honest with taxpayer/voters now that she’s retiring and not getting any more pay-to-play $ from public sec unions