-- 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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Naturally as these articles always do the topic of Medicaid is brought up. Of course no mention of former Governor Quinn’s massively expansive Medicaid expansion that was signed off on by legislators still in office today. Now Quinn backs a graduated income tax proposal as the bills start rolling in. Why can’t Illinois quit spending? That is the question that should be asked of each and every legislator next election but one thing to be sure; the Illinois media is sure not to ask that question of the candidates.