-- 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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Unbalivable—would love to know what lobbying groups are behinde this one. Sure the gov unions members would be first to file..and they could get burke to dish out the settlements behind closed doors on the tax payers dime. Is this another progressive legislation idea copied from calf?
As usual, the other gigantic under the radar winner in this budget will be the lawyers & lawyer assoc. (Madigan & the boys stalled off the kagie prop tax bill)…has it ever bin a better time to be a $$ lawyer $$ in illinois?
It’s never been good time to be a lawyer in IL. The market is completely saturated. That’s why terrible bills like this come about. This is a special interests bill. There’s probably a handful of comp firms that have dozens of old, old cases that they can’t do anything with because the law does not favor their case….so you just rewrite the law! As for Madigan/Burke, etc. I bet they made a good living but my personal belief is that they didn’t make as much money doing property tax appeals as their big firm counterparts doing *real* lawyers work like… Read more »