-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
These “there aren’t enough people to fill our jobs” articles are nonsense. There are plenty of workers its just that the employers don’t want to pay market wage. Only 30% said they’ve actually raised wages, and 22% make a vague promise that they intend to raise wages in the future. I can hear them lament in the owner’s office “if only I could hire a dozen workers at 2010 prices!” The other part of this nonsense is the lack of on the job training. Years ago, many employers had apprenticeship programs and long training. Workers would stick with the company… Read more »