-- 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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This whole argument about taking in more than paying out at the state level is such a flawed argument. This is very much dictated by 1) defense spending 2) education spending.
Does this writer from Chicago Tribune not want our military bases and universities funded?
Please explain.
And social security and Medicare payments. It’s a very disingenuous argument. I see it everywhere now in liberal rags. There must be talking points memo about it out there.