-- 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 NPR “journalist” claims he didn’t get a comment from Alden because there was no contact information on their web site. All he had to do was google their name and he would have found several sites, including SEC documents with their phone number. Plus, I don’t recall Marx, the Tribune reporter interviewed in the NPR puff piece, protesting when the Tribune imposed staff cuts on the LA Times.
He was unable to DM Alden because they don’t have a Twitter account!
The Trib reporters are too dumb to realize they were dead in the water long ago. TDS does affect one’s ability to think critically.