-- 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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let the shameless scapegoat blame games begin!!! ….for the few dopey taxpayers tuning in (me unfortunately)
Malfeasance? It is merely negotiation. Martinez wants to push a payment back to the City that in times past was paid by the City. Ervin calls it malfeasance because it makes him uncomfortable. Neither the City nor CPS has the money as each are facing deficits. Certainly not a welcome event for union supporters. What is malfeasance is what Johnson wants to do with the schools. Borrow $300M in the hop and prayer that that Springfield will rescue CPS/CTU with billions?