-- Connecting the dots between our economy, government and business --
Said Joe Ferguson, the city’s inspector general from 2009 to 2021, “All of these regular standards and practices, on the basis of what we can see, have been left to the wayside. This raises questions about the bounds of emergency authority and whether they’ve been exceeded.”
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Wow! What an amazing article! Great job Block Club!