-- 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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What a bunch of party line canned dribble. And what a shame for Illinois. Many of us remember Durbin when he was a state legislator from Springfield. He was a real moderate Democratic, consensus builder, and worked quite well with Republicans on innumerable common sense pieces of legislation. It is sad to see what thirty years or more in DC does to a pretty good guy who used to be a solid Midwestern pragmatist. And by the way, no one has ever seriously looked into his wife’s lobbying business over the decades. Both at the state and federal level, she… Read more »
If anyone thinks $350 million to extend the Redline is a good idea, they don’t know Dick.