-- 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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To paraphrase a line from the Indiana Jones and the Last Crusade movie, “they (the voters) chose poorly.” Once again, the Mayor of Chicago should have strong business and financial skills and have no leanings toward public unions.
People who stay in Chicago, either because they have to or because they are too stupid to leave, will get fleeced of everything they have.