-- 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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And so it should be, cut it!
State Rep. Curtis Tarver, D-Chicago points out “I want you to go back to there being a victory lap by the administration about helping these individuals and simultaneously filing emergency rules to kill the program.” Thank you Curtis, for pointing out Pritzker’s strategy of taking credit for things the state is ultimately unable to pay for, or are unconstitutional. Welcome to the Republican Party and keep talking!