-- 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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In the private sector, if you owned a major corporation and put people in charge who had little background or skills related to their jobs, your revenues and profits would go south quickly. Eventually, your corporation would cease to exist.
In the public sector, you have the advantage of mismanaging huge amounts of taxpayer funds. That way, it takes longer for your demise, since you can almost always get more taxpayer money to minimize or at least seem to minimize your mistakes.
Where are the Alderman telling him he’s killing this city. Hell they’re as bad as him