-- 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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I found the article interesting and perspective valid – except for the author’s inclusion of the political right in this mess.
The Skyway and parking meter deals were brokered with Democrats in control. The Canada pensioners are quite happy with the city’s stupid decisions.
Wonder what other assets the city will decide to sell off.
Stupid, stupid chickens.
Pointing a finger at the political right seems out of place. There are many ways to structure public – private deals. Dems we’re so desperate to get any money they could they were willing to sell their first born. Maybe if there was a counter political group (the right) there could have been negotiations to develop a better deal. Saying the right has blame here just makes no sense.
Chicago will eventually be Municipal Governance case study for Red State pols.