-- 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 taxpayers are helpless as politicians negotiate on behalf of unions not taxpayers.
Major transparency and other reforms are needed.
Union and labor friendly state legislation is a big source of Michael Madigan power. Although he does not directly negotiate union contracts, typically, union and labor friendly legislation makes it through the House Rules committee, and non union friendly legislation does not. Such legislation could be collective bargaining, Dept of Labor, Labor Relations Board, workers compensation, and a whole host of other legislation and the resulting laws impacting labor, much of which is noted in the Turnaround Agenda. Also, the previous comment was not directed at the current Governor Rauner but previous Governors and many local politicians (board members and… Read more »