-- 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
NYC’s bankruptcy in the mid 70’s had some enduring lessons. We’re not there yet in Chicago.
Great article. I guess big picture, Bergs saying NYC will be stuck with a failed socialist Mamdani while Chicago is stuck with a master $equity grifter$ Brando where only the public sector gets ahead due to our unique lack of government structure.
It looks like Mamdani will be elected by promising all sorts of stuff like free childcare and free bus rides. Who doesn’t like free? Then when he gets in he will be hemmed in by NY’s system that prohibits monetary version of crash and grab (unlike Chicago), not to mention child care and transit workers who won’t want to work for free. Then he’ll throw his hands up, call everyone racist and say it’s Trumps’s fault.