-- 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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Maybe Johnson should live within a budget. He knew that this was coming. He can cut wasteful and progressive spending. He can cut political hires sell city owned vacant properties, and close underutilized schools . But Johnson never does this, and just wants to spend more money.
Johnson wants to run the city’s finances with the same attitude in which he runs his personal finances. And that’s not good.