-- 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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Why is it a lesson from Goodfellas?
“F**k you, pay me.” One of many memorable lines.
https://www.youtube.com/watch?v=3XGAmPRxV48
blah, blah, blah. We already know that the IL courts won’t allow pensions to be diminished. So that means IL continues to go down the toilet. When no one’s left in IL except state workers, retirees of state jobs, and their families, then the pols will have to attack the unfunded pension and health care benefits liabilities by changing the state constitution.