-- 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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Meanwhile florida is moving to full digital xbrl cafr reporting. Northern illinois univ is supposedly a hot bed for xbrl. Illinois is a digital joke. https://xbrl.us/
This is my politic—a fully digital transparent government (illinois is in the stone age) Forbes: The Four Letters Transforming The Municipal Bond Market And Government Finance.https://www.forbes.com/sites/investor/2018/12/04/the-four-letters-transforming-the-municipal-bond-market-and-government-finance/?ss=money
“But it’s also an aging workforce. As older state employees retire, they take the institutional knowledge of keeping old systems running with them.”
Collectively these aging workers also take with them enormous pensions, which is money that could otherwise be used for other things, like upgrading state computers.