-- 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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Does this pave the way for rahm to shove thru the $10B POB between now and march, a gigantic present to the cc dem machine and all their club members, and then slink out of office along with oconnor, larino, and who know who else will hang it up as the ship goes down? my guess is yes
He must have gotten word that Amazon is not coming. No more hope to save the city
I hope you are right. The city and state need to collapse rapidly if we are ever going to have a shot at reducing the pension burden. We need to destroy the idea of every public sector worker that they will ever fee their full pensions. We need to paint an image of greatly diminished actual payout in their minds, so they will come to the table. Amazon represents hope, which is the last thing we need. At present we need despair, anxiety, and worry. The public sector is far too complacent, they still think they will get it all.