-- 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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I witnessed this first hand a couple of months ago. While driving west down a two-lane road, I noticed a car w/ its hazards on weaving back and forth across the lanes travelling east. Had no idea what was happening until I saw a hearse and its funeral procession following (never saw a hearse NOT lead a procession). As I continued to drive west, the funeral procession had cars dangerously passing other cars in its own procession, as if they were jockeying for position at Daytona. They passed right in the middle of the road, forcing cars off to the… Read more »