-- 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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The goal of a private-sector company is to make a profit, not to guarantee life-long employment for its workers. Anyway, that’s the case as long as capitalism is still in place in this country.
It’s a wee bit unusual to shut down a plant, unannounced, but pay the employees anyways for 60 days to comply with the federal WARN Act. Illinois’s economy is in tatters.
Will CTU/Brando & crew show any concerned for the loss of these union jobs in “dis-invested” south side?