-- 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
Mr. Greising refers to the Executive-Director-created fiscal cliffs. This outrageous spending was and is gross mismanagement and malfeasance. In the private sector heads would roll. In government, particularly Blue-state government, these same political animal Executive Directors either retire with a big fat taxpayer-funded pensions (sometimes more than one) or move up the political food chain to reek more havoc on taxpayers.