-- 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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Someone needs to get fired, or go to jail. Open the investigation.
We will be writing soon ourselves on this. Once again, the supposed improvement in net position is entirely explained by a magic poof — a mysterious erasure of OPEB liabilities.
23. Hmmmm where’s 24 ? Inaccuracies, goes hand in hand with this state
“ Throw it at the wall and see if it sticks.” seems to be the mantra for our many “ transparent “ IL government agencies.