-- 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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I bet if you look at Mayor Johnson’s personal finances he is as burdened in debt as he wants to make the city.
Honestly, I do not believe any thinking person in the State (without a special interest and self serving angle) thinks this is a good idea. No one would. It does not make any sense. No house-hold or private business would ever consider this sort of plan…as it (again) makes no sense. If Pinhead actually pays off enough people to get this passed…he needs to be criminally charged and sent to prison.