-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Pinhead…Cut the fat from the budget. Quit bootlicking Stacey. And spend less on illegals and more on Chicagoans
Ferguson is old school “don’t spend what you don’t have”. Johnson is new school where you drain all your resources and then move on when it gets too awful and blame everyone else for your failure. Or, in the new-speak, is it actually a victory to bring Chicago to its knees?
When mismanagement is the dominant activity, the ace in the hole is always to raise property taxes and/or borrow more.