-- 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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This is long overdue. And at least it is a start. But as the article states it is only the first in a thousand steps.
Make no mistake not only will this be fought tooth and nail by the Democrats it actually does have a lot of complications that would not be easy to resolve.
Let’s steal a page from Nancy Pelosi and “vote for it and then find out.”. I’m in.