-- 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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JJ ought to call up JB and ask him to house them in Illinois Hyatts!
Take a deep breath and hold it while you wait for the rest of Illinois to bail out Chicago!
Jonathan Jackson forgot the motto of the suburban Limousine Liberals: “NIMBY”
Not to mention the working class cities he mentioned are grappling with unsustainable pension costs eating upwards of 90% of their budgets.
Sorry JJ, this is Chicago’s mess. Time to make some adult decisions.