-- 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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From the article:
“But they got on board with budget and infrastructure packages – including the revenue hikes that will pay for them – after Democrats threatened to take out funding for capital projects in GOP-represented districts, and after Democrats agreed to make reforms long-sought by business interests.”
There truly is no conservative representation the state. Legislators hold Republican counties hostage – the dozens and dozens of them – to force them to spend money we don’t have. Awful, awful state.