-- 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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Well, welcome to the show, Civic Federation. Where have you been the last four years on this topic? Wirepoints has been pounding on this for three years now, and the Civic Fed and other business groups have had their heads in the sand. Great! You finally woke up.
Two things are certain in life: death and taxes. In Illinois, four things are certain in life: death; taxes; mismanagement, and its awful offspring, fiscal cliffs.