-- 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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Enjoy it while it lasts, soon only the Public sector will be left. The private sector is fleeing to business-friendly states like Texas and Florida. I often wonder how long the CME will stay the Chitty? Ken Griffen could not be happier in Florida. Give Illinois one last kiss goodbye.
Apparently Pritzker is going to hire as many government employees as it takes to improve the unemployment rate. The beatings will continue until morale improves.
Is it any surprise that almost 60% of the new jobs are government jobs?