-- 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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Vallas’ proposals 1 thru 5 seem sensible. But what is “full funding equity for Chicago teachers pensions?” And how does “using the teachers pension levy to fund city pensions” work?
Here’s a thought. Give parents the option to send their kid to a private school and be exempt from paying any property tax to finance public K-12 education.
THE WAY OUT ???? BANKRUPTCY
Let’s just say you and I agree with the Nobel Prize winner in economics that said Chicago needs to stop digging and file banckrupcy ASAP.