-- 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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If you’re wondering why they’re not back in school just read this comment I pulled from Capital Fax and you’ll understand. “Imagine that you’re twenty-four years old and about to turn twenty-five. You’re half way through your 2nd year of teaching. You’re broke. Your roommate makes more than you as a server at a bar & grill and often wakes you up when they get home and the end of their shift, but you can’t afford your own place. You have no savings and almost never eat out, or even go to a movie. Your checking account runs to nearly… Read more »