-- 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
Props to Hinz for checking this out. There have been some reports to the contrary, like here, that we did not publish because they looked wrong.https://www.edweek.org/teaching-learning/the-cryptocurrency-collapse-spells-trouble-for-teacher-pensions-heres-how/2022/12. Pensions may well have some indirect exposure through their investments in some venture capital funds that are invested in FTX, but that should be a small matter for any pension.