-- 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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Last night I watched Frontline documentary on Putin and was struck that in a mild way life in Illinois bares striking similarities to Putins 100% pay-to-play kleptocracy Russia. In Illinois what I’m always astounded by is that corruption is only denounced in press and by the left when it comes to a Madigan directly caught taking bribes & kickbacks, etc but never for his 36 year reign of rubber stamp public sector friendly bills resulting in $1/2 trillion in pension debt all in exchange for endless no questions asked union dues to Friends of Madigan, Friends of Harmon, Friends of… Read more »