-- Connecting the dots between our economy, government and business --
Staring at a possible $6 million deficit in 2019, the city would need to cut 60 positions if no other revenue is found. This time, police and fire departments wouldn’t be spared, City Manager Patrick Urich told a special meeting of the Peoria City Council.
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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Explain to me again about solidarity between (1) retired union members drawing large pensions and health benefits and (2) active union members losing their jobs? https://www.youtube.com/watch?v=RKhwitXvVj8