-- 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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I’m convinced the alderman will do their due diligence when examining the term sheets. ComEd; We never answer questions or phones! The alderman will be falling all over themselves when the cash is handed out. Hmm…alderman and ComEd in the same room and everyone leaves smiling. Maybe get Excelon to build a nuclear power plant on Buckingham fountain.let them run it for a year, then hand the keys to the city. I’d choose The Department of Water Management to run and maintain the reactor.