-- 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 i am missing in all these articles, is what you think the motivation for the Democrats to put forth pension reform measures or allow for municipal bankruptcy is? As is they continue to vest in to a constituitnaly guarantteed benefit. Adn than to teh chicago Federal reserve they all think there is now a reasonable solution at hand….a property tax increase of only 1-2% with the money going to pensions. These are the messages that spread like wildfire through the ranks of the public sector last week. Every cop I know was telling me about how simple it all… Read more »