-- 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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We aren’t in Kansas anymore…..
Corruption is declining they say, and then this, “She noted there does seem to be a lack of political will at the highest levels of state government to address ethics reform in a systemic way.” Corruption does not always have to be a statutory violation of law. It can be a lack of ethical behavior and boy does Illinois have that.
Hopefully, IL will follow the lead of NY and begin busting public service employees that use their office for personal financial gain. A clerk in that state stands to lose HER PENSION for stealing money when she should’ve been doing her job. Smelling salts, PPF?
From my understanding Illinois public employees who use their position/office to commit crime can lose their pension. They won’t lose their pension if they committed a crime that had nothing to do with their position. Not sure what additional regulations you desire but it seems they already exist.
and from my understanding, there seem to be way too many hoe moe sec shoe alls in illinois lately.
Hmm.. regulations or not, I’m willing to wager the likes of Jesse Jackson Jr. , Carolyn Mosely Braun and too many others to recall in IL were caught using their positions to enrich themselves ( above or below the table ) and break the law they were elected to and swore to uphold are collecting a pension courtesy of the people that they failed. Any Illinoisian knows that rules and regulations in the Land of Lincoln have, at this point, become suggestions.