-- 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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Remember that in the dystopian Democratic Republic of Illinois, the constitution mandates a balanced budget and the law requires that a fiscal note is needed for most legislation.
Both have been ignored for decades.
So why will the politicians of Rahm-is-stan actually accept the constraints.
There will be a lot of $14.9 million dollar budget items.
Legal corruption…will continue.