-- 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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The State calls Wirepoints ‘fringe’; Jabba says, in so many words, that haters gonna hate. And the Trib calls it a financial website. Present across all three of these descriptions are my inane, yet thought provoking and insightful comments. Crazy to think that I’m living in my parents basement, posting on the internet as a keyboard warrior 100x a day (and night) and maybe, just maybe, one of my upvotes was from Jabba himself.