-- 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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Cosmetically nice but since the Democratic Cullerton Senate will not pass it it is a ll mute.
By the way Cullerton is using the argument that once a benefit is bestowed it is owed. It cannot be retroactively reduced according to the constitution. But heh.. the state Constitution requires a balanced budget, but the legislators can choose to ignore that inconvenient part. 30 + years of Democratic rule, enjoy it. Promises are great until the check bounces.