-- 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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Inspector General says there is $701,000,000 unpaid bills; the CEO says they are in the positive $25,000,000. What in the world is going on here?
The other shocker – the county hospital system is almost 50% of the budget? The county pays for so many things – roads, services in unincorporated areas, the jails, sheriffs, forest preserves, the court system, and so on….. but the health care system is about 50% of budget?
This is insanity.
Indeed. Cook County is perhaps the most opaque of all the units of government we’ve looked at. Hopefully, this audit will help us shine some light.
Think whats implied is that maybe cc is using fed obama care reimburesments $ to pay off other non- counrycare debt.