-- 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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The caption: “The report does not include an analysis of student academic achievements based on state funding because it takes about 10 years to see the impact of long-term policy changes, report author Allison Flanagan said.”
The very next sentence contains the punch line: “However, she noted that if the state fully funds the formula faster, the impact on students may become clearer.”
Financial accountability, Illinois style.