-- 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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“But not Chicago. We will stand firm, and we will continue to commit to this.” Relatedly, Chicago and Illinois stood firm on many things in recent years. It seems the more on which they stand firm, the less desirable it is as a place to visit or reside.
And your city will die Carla. Way to go!
When in doubt, form committees. You will get a dozen different recommendations. Two main questions, where’s the money, and who’s going to be eligible? This usually ends in all talk and no action. Any input from taxpayers?
It takes a lot of commitment to dig the hole deeper using other people’s money, I guess.