-- 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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Pensions are a promise. Promises are meant to be kept. If it requires laying off half the police and fire department, that’s what it means. Which would also help reduce future unfunded pensions. Napoleon Harris and those behind this don’t care about pensioners, and the pensioners need to voice their displeasure.
I agree. Lets start the layoffs so people in Illinois can finally wake up to reality instead of the feel good pablum politicians hash out to get elected.
Pushing it back just delays dealing with the problem that continues to grow while they delay dealing with it.