-- 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
Matt does a ton of first rate research and analysis. But on this one I think he has missed the boat. Our new mayor has already made it quite clear through many weeks in office and countless statements that he views business as the enemy of the little people, and he views the suburbs as a source of cash to be plundered. He can’t possibly start sending favorable signals to the business community in the city or the burbs without alienating his base and backtracking on everything he and his socialist posse have stood for for many years. Wishful thinking… Read more »