-- 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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I’m only seeing 32,220 total employees in the city payroll database, found here. https://data.cityofchicago.org/Administration-Finance/Current-Employee-Names-Salaries-and-Position-Title/xzkq-xp2w/about_data
That’s a good start but dunderhead BJ will cut useful and competent workers – especially white workers – and keep the useless and DEI favorites.
No, it sounds like they wouldn’t cut any warm bodies, just openings. So, they’d still be bloated.