-- 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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It’s rather disheartening. In the real world when faced with an unwelcomed outcome, we review the results and analyze what led to the poor outcome, then adjust accordingly. In the political world you simply throw more taxpayer money at the problem, hope for the best, and gift as many voters as possible to stay in office. You also stand by your fellow party members, no matter how terrible a job they are doing. I believe there was a time when people elected to office sincerely tried to do their best for their constituent. That time has passed. Now it’s just… Read more »
Giddy up! Be first in line for Lori’s bond sale! Avoid future regret and disappointment.