-- 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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JB’s idea of negotiating is that he will sign a blank contract then AFSCME will fill in what they want.
This should be interesting. Not only do they have to address a $700MM hole THIS year from their “balanced” budget, but they have to figure out how to fund next year and beyond, as well. That and the normal other increases plus pension and healthcare. They have no plans to cut anything.
Interesting indeed. I see now way for them to balance the budget and honor their commitments without cutting the pension contribution or using some of a pension obligation bond to fund part of the current contribution.
“We want fair wages that are fair,” she said.” – Eloquent, she is not.
“so that public services can’t be outsourced for private profit.” – The purpose of outsourcing is to contain costs. Why is AFSCME concerned if a 3rd party profits or not?
The phrase resonates with the sort of people who vote for Pritzker. For people who like this sort of logic, this is the sort of logic they like. Sounds especially good when uttered with a lout voice with fists pumping. Like the old Southern Democrat who told the cheering voters that “In those colleges up NAWTH, boys and girls maTRICulate together.”