-- 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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Replacing the lead water lines is still monopolized by City Water Dept crews performing work with all their crazy work rules on TM basis at $16k to $30k a pop vrs being contracted out at fixed rate? It’s my understanding other cities are doing lead line replacements for far less. Maybe with passage of Amendment 1 it’s to late to take the $8 billion worth of lead water line replacement work away from City Water Dept and that’s because that’s way, big political contributor, Operating Engineers want it. But nobody in press even asks.