-- 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 any other big city police dept offer 365 days of in “comp time” every 2 years to it’s police officers? This is a Amendment 1 “not to be diminished” FOP contractual benefit that is at heart of Chicago police OT issue that no one in press writes about that Chicagoans are stuck with. The voter/taxpayer is simply told CPD is under staffed and under resourced, just like CPS, etc.