-- 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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This is looking like ‘free’ socialized medicine at its finest. No choice in doctors or hospital, long wait times, questionable facilities. Keep it up cook county. Keep it up !
Let’s see if this floats the boat..
Potential $8 million reduction of out of network payments…good, but
Estimated health system $3 billion in annual losses requiring taxpayer support…not so good
Part of this losses are payments for liability claims.
The system is self insured and pays medical malpractice settlements from annual operating funds.
Increasing surgical cases increases liability risk.
In Cook County it one takes a few bad outcomes to eat up any savings.
In 2017 county financial statement for the health system showed $138 million in outstanding liabilities.
Good luck….the boat is still sinking.