-- 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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She is brilliant and witty but few in city government have the patience or understanding to get her excellent points. She’s the sort that a local audience would shout down … a special type of mob rule by unions and their lackeys. Many would say “what’s the use,?”
That’s why I’m happy to be far far away in New York. 😉
Bring back the Actuarial Outpost!
Is New York actually fiscally better than Illinois