-- 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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Must be the new State of IL tv ads. “ Work when you want, if you want and show up on your terms! FMLA, vacation time, sick days, personal days and a nice paycheck from your very first day of employment!”.
See our piece here on why this “record” is meaningless: https://wirepoints.org/record-number-of-illinois-jobs-dont-be-a-chump-wirepoints-quickpoint/ This “record” number of 6,172,300 jobs means nothing. It was 6,137,700 in 2019 and 6,056,500 all the way back in 2008. So, basically no growth in six year and almost none in 17 years. And as we’ve been showing here at Wirepoints, recent growth has been entirely government jobs. The number of private sector jobs in IL actually shrunk since 2009.
So this is something to brag about? The biggest creator of new jobs in Illinois is government. Does anyone here have an Econ degree who understands that government employees do not produce anything, don’t add to the State’s gross state product, and are a load on the private sector. I guess not.
It’s the hallmark of a 3rd world economy- government employment is the only growth sector.
So that’s where all the Federal layoffs went…