-- 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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Is anyone surprised? Old Jelly Belly needs more money especially given what he spent to get all his buddies elected. Can’t wait to leave only 18 more months of this and I’m red state bound.
When you are broke you do not go out and spend more money. You are supposed to start saving. The system is broken, and the state is broken. Illinois does not have the change of a nickel.
Taxpayers were put on earth to be cheated by everyone in any kind of Government job.
Who specifically inserted the amendment?
NBC article says it was Rep Greg Harris.