-- 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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What specific systemic changes that do not violate the Illinois Constitution does TUA propose as an alternative? Please show me exactly how you plan to address the massive budget deficit the state has without tax increases at the state or local level. And for goodness sake don’t tell me that we will save $6 billion per year by eliminating waste and inefficiency; show the people of Illinois exactly where the waste is and how you propose to reduce it. The time for obfuscation has long since passed.