-- 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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You seem to be in quite the pickle, Jay. You can preach reform until you’re blue in the face, but at the end of day, even you know you’re just Madigan’s lap dog. And Blago sitting in his cell out in CO stands as a stark reminder of what can happen if you fall from Boss Mike’s graces.
That is, if the feds don’t get you (or your boss) first. But as the good doctor used to say: buy the ticket, take the ride.