-- 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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Ms. Ives certainly likes the role of Don Quixote. Illinois allowed the Torrens system to die in order to maintain the need for title insurance. Conflicts of interest between the real estate attorney and the client? No worse than an Illinois judge deciding an Illinois government employee pension issue. The state is riddled with conflicts of interest which disserve the public. How else did Illinois and its local governments get into their current sad state?