-- 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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Maybe Vallas deserved to lose for being so dumb to give $700K to Mr Scrabble name.
In the ‘hood that’s called “walkin’ around money”. Very common in Chicago minority neighborhoods for decades. Harold Washington had a number of buddies who were notorious for asking for it all the way back to the 1980’s. So the concept isn’t a shock. What is mind boggling is that Vallas had no one who was familiar with the concept, and furthermore no way to monitor it. It is definitely an indication that his campaign was not staffed properly.
Makes me wonder whether consultant intentionally aided Johnson.