-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Huh, and I thought this is a pension crisis of obscenely enormous proportions.
To paraphrase a line from “No Country for Old Men”: “If this ain’t a pension crisis, it’ll do ’til the pension crisis gets here.”
And all three authors are on the public payroll. We’re not only funding propaganda, we’re funding moronic propaganda. We will be writing about this soon.
Deputy Wendell: This is turnin’ into a hell of a mess, ain’t it, Sheriff?
Sheriff Ed Tom Bell: If it isn’t, it’ll do until the mess gets here.
Hell of a mess…I like that better than crisis.
I didn’t know Amanda Kass once worked for the CTBA?! That explains quite a bit…