-- 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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this pretty good Crains/ Hinz article states that Brandon’s staying silent on Chicago Cop/Fire bill dropping Tier II. But his deputy chief of staff Pacione-Zayas is one of the sponsors of bill?? Unbelievable!!
“Chicago’s new mayor, Brandon Johnson, so far has declined to comment on the firefighter bills. Complicating the matter is that his new first deputy chief of staff, state Sen. Cristina Pacione-Zayas, is one of the Senate sponsors of the bill.”
https://www.chicagobusiness.com/politics/firefighter-cook-county-pension-bills-springfield
It’s truly stunning how overturning Tier II legislation is instantly #1 priority for machine/ “new machine” now that they are 100% in control. With ZERO consideration for how equity hustled chump taxpayers are going to have to pay for all the newly minted guaranteed zero risk $multi-millionaires$…..and yet all these pols keep peddling the same equity crap. UNBELIEVABLE!!!!
Government always makes the worst possible decision and lets the taxpayers pay out the A$$. The boat is sinking, and government is drilling holes in the bottom.
Democrats throw budget bricks to debt-drowning Chicago