-- 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 city resident is 100% sure spinless alder critters will come up with ZERO spending cuts, “spending solutions”, and fall in live with mayor 14%’s giant prop tax increases.
Within the giant family of public employees and pensioners, very few are interested in pursuing spending cuts such as downsizing or eliminating offices, or reducing bloated salaries and pensions because they, their friends, or their relatives could be on the receiving end.