-- 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
Seems more like State Rep. is a demotion. In the corporate world, he ran the show. In Lemont, he was city executive. In the state legislature, he’ll be a noboby nobody sent with no say in anything. Hope he enjoys grandstanding to empty grandstands because that’s about the thing Republicans do in Springfield.
They sure as heck aren’t organizing a ballot harvesting operation to recover lost ground in 2024!
But he will get a nice cushy salary and plenty of wining and dining perks to go with it. He is coming out ahead financially.