-- 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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Pullman’s residents today have about as much in common with yesteryear’s steel workers as the Turks have in common with the Byzantines. So basically, none at all. Comparing the two are like comparing apples and oranges. The original residents of Pullman (the neighborhood is very, very old) are all dead, or have moved on, and new residents have moved in over the years. Lamenting over lost jobs two generations ago for former community residents is literally a waste of electrons, and I want my 5 minutes back I spent reading that article.