-- 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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One thing of note from the story “Another $1 billion would be needed to fund its pensions at an ARC level.” The tax increase we got hit with, and the upcoming for CPS pale in comparison to what’s actually needed. At least most of the people here are like the walking dead, so I can sell my condo and get out before they wake up.
“Here” being the city, not this web site.
Flattered by the clarification.