-- 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 way governor WIDE-LOAD enjoys spending others money, a 28 day rainy day fund should last about a week.
Typical JB nonsense. Throw out a big number like $2 billion that sounds huge to the average Illinoisan (who is generally an uninformed and fiscally primitive voter), and try to get away with the bluff. Other states’ reserves dwarf those for Illinois, but are Illinois voters smart enough to know they are being hoodwinked. No, they are not so the JB BS continues to be accepted.