-- 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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gotta love ‘progressive’ Illinois. Free tuition for half the state with median income below $61,000; and everyone else pays through the nose at $32,000 per year for tuition and room and board. There’s a reason why so many students leave the state for college – over 50% by last estimates – because with discounts, it’s often comparable, or even cheaper, to attend an out of state school. This is reflected in the ‘yield’ of ~25,000 admitted while only ~7,000 actually enrolled. Like the article points out “there’s still a lot of other students there who have many options ahead of… Read more »