-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
As Milton Friedman said when he heard a canal project in China was a “jobs program”; Why are they using heavy equipment? Give them spoons instead.
City of Chicago chooses the most expensive program because it employs the largest number of persons and allows for maximum financial kickbacks to politicians from contractors. Chicago City government doesn’t exist for the people or for the taxpayers. it exists to keep Madigan, Burke, Preckwinkle, Berrios and the Chicago Democrat machine flush with cash.
The biggest waste of money is that the city uses direct hire city emplyee water department crews to replace watermains as upposed to competively bid out work,,thats the crazy scam deal rahm made w the city unions.
Yep. Welcome to Illinois, mind the never ending road construction.
And they usually use cheap ashphalt rather than concrete — so they get to come back in 2 years, rip it all up and do it all over again, even if it doesn’t need to be replaced. Traffic is bad enough without these virtually-permanent lane closures.
Who knows how many no bid/ t&m deals will be handed out as part of jbs $45 billion infrastruture deal. Maybe the state will make replacing chicago water mains and services part of it and allow city water dept to complete on t&m. A virtual dream if your a city water dept- operator, laborer, pipe fitter!! No budget, no oversite, endless ot, value and productivity are meaningless. If you want to call in and claim a week of fmla days to go scuba diving in the bahamas the only sap who cares are the hapless taxpayer/homeowner.