-- 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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What financial stewardship? The governing bodies of Chicago and Illinois have always lacked financial discipline. If we ran our lives like they run government, we would be in ‘debtors’ prison aka ‘jail.’
Want to be the members of the CTU will not be paying this if it goes forward? Want to bet teachers in Catholic schools will be paying it?
I sound like a broken record, but astoundingly ZERO consideration to returning to per ARPA-COVID spending and hiring levels, or at least partial roll backs. Ditto for state.