-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
I’m curious as to why the state would have to be involved in a city’s drafting of a long overdue charter. I would think that someone competent could be found to draw up a reasonable plan and then have it put to public opinion and vote. If the IL SC gets their tentacles in it, as with actions supposedly taken re gerrymandering, transparency, etc. it will be dismissed outright until it either meets Dem standards or languish and die a quiet death.