-- 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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For schools, it doesn’t matter who is President–schools are funded with state and local money. And incidentally, Detroit and Puerto Rico asked for bailouts and the Feds told them to get lost. Gerald Ford told NYC to “drop dead” in 1976 when it got into financial trouble. If CPS needs money for pencils and paper, organize some bake sales. The goal is to sell 12,000,000 Disney “Frozen” cupcakes for $1000 each to pay off the unfunded pension liabilities.