-- 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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Maria, when oh will CC ever forget about me completely?
Yet we hear how the infrastructure is crumbling, folks have to have bottled water, there is no money for police or firefighters, etc. I wouldn’t toot my horn too loud if I were Pappas.
But Cook County can’t get the tax bills out on time. Wouldn’t want those bills coming out before an election.
afaik Pappas isn’t a Commissioner, but is Cook County Treasurer (The article site is currently inaccessible, at least for me.)