-- 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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While I despise Madigan as a person, one has to admire the infrastructure he has built. In reality,Illinois has far fewer government employees than most other states in terms of as a percentage of the overall population BUT what Illinois also has is Government employees who are insanely compensated when compared to most states. Madigan has never been shy about letting the public sector know this. That is why his patronage army is so motivated, so effective, and so willing to go with anything (be it a lie,physical violence, intimidation, or violating he law) in order to preserve the Illinois… Read more »