-- 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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If you check in and around Harvey -school districts all received raises bonuses regardless of property values. There are approx 11 school districts within a 45 by 45 block area all with supers and ass’t supers and so on with no one taking a pay cut or less in benefits to try to help struggling homeowners. All these schools should be consolidated with 1 super only. Same with police-fire-park-mosquito abatement districts. But it will never happen.