-- 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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When I was managing businesses, the first people I went to for budget-n-financial guidance were half literate teens and wet behind the ears twenty somethings……
Chicago youth, with the mathematics learned in Chicago public schools, are an interesting choice for budget discussions. Perhaps they can offer some new suggestions for more dark hole money disappearance programs instead of funding the pensions.
This sounds about right. Of course BJ would ask his peers what they think. After all, he has about the same level of understanding of the grown-up problems as they do.
Exactly what will 13-year-olds have to contribute to the budgeting process of a major city?
Perhaps they should counsel the mayor on how to pay his utility bills.
What a sham … but what more could you expect from a mayor totally unqualified to run the city?
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