-- Connecting the dots between our economy, government and business --
The term “ghosting” comes from the dating world, when one party suddenly cuts off contact with the other without notice. Multiple outlets are now reporting job applicants and even newly-hired workers are ghosting employers, skipping interviews or not returning to work, leaving no notice. The situation has even gotten the attention of the Federal Reserve Bank of Minneapolis in its “Beige Book” report on Chicago from last December.
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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Unlike the private sector, Illinois government ghost patronage employees get paid.