-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
After he gets released he will get hired by one of the Chicago television outlets to give inside, informative commentary on city, county, and state ala Rostenkowski and will be worshipped by the media.
At his age 2 years is a lot but also a relative slap on the wrist. A $2 million fine paid by citizens from his campaign war chest is a pittance compared to the tax implications for the city and county of his legal firm’s “work”.