-- 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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Huge $100,000 pensions coming on line as fast as the eye can see means cutting spending is IMPOSSIBLE. Not going to happen for generations to come. They only thing you can count on is death by taxes.
Cut EVERYTHING 10% for a start, any additional funds comes from someone else’s department, fight it out.
I got an idea that should work.
Get rid of the mayor.