-- 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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Unfortunately, taxpayers can no longer afford to have towns whose sole employment opportunities are bloated government programs. It’s a shame that you cant attract money making jobs and people that rely on benefits will be impacted, but the harsh reality is that the golden goose is on life support. How cities even devolved into third world areas one bad storm away from total disaster is the real problem.