-- 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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They need to go after the doctors too, and the work comp lawyers, it’s isn’t just Burke, it’s an industry.
Is this a privitization of government services? The st articale is particularly damming. https://chicago.suntimes.com/city-hall/2019/6/13/18677704/lightfoot-workers-comp-compensation-burke-finance-committee-city-council
It’s more like the government hiring outside counsel to handle it’s comp claims. Which it already does. Except that the city won’t be hiring Burke’s buddies to do the legal defending, it will be vetted law firms used by an international corporation.
A handful of firms handle most of the City’s comp claims. There’s a reason the system is set up the way it was.