-- 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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Good they work for an insurance company so they might get a good deal on life insurance.
They must want to get rid of staff without paying separation agreements. In the current environment no one wants to go downtown. Jobs are plentiful if you want to work.
They have their chance to leave the state – take it to WI or IN where they appreciate business.
Illinois is a major insurance state because the insurance industry has effectively captured the Dept of Ins. Insurance laws are extremely friendly in IL and there is significant infrastructure supporting the insurance industry here. State Farm, CNA, Allstate, Aon, Zurich, many, many substandards, along with support from companies like Gallagher and other major brokers are all based in Illinois. When Illinois these businesses to other states, then you know the state is totally F’d because its one of the strongest, most stable industries we have remaining in the state.
Why? Their slogan is “Your in good hands with Allstate” because their hands will be in you wallet.