-- 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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Unionized, 9 to 5 government bureaucrats who can barely operate their own laptops managing complex IT projects? What could possibly go wrong with that? Rauner was also pretty stupid thinking all you had to do was throw a bunch of modern hardware at a government agency to bring it into the 21st century. With that approach all the old systems are never retired and the state will pay twice as many admins to now maintain two systems. A new software platform may cost 60 million to install, that’s the easy part. But I guarantee you it costs 600 million and… Read more »