-- 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 was in Indiana the other day. Mentioned to a guy I was from Illinois. He reached in his pocket gave me a 10 dollars and said I’m sorry it’s all I have but you need this more than me. After the state taxes it you’ll have a buck for coffee.
This would be funny if it weren’t so sad. This problem/issue, never ever goes away and is never resolved. Every week or so, there is another crisis or another cliff CPS and most other school districts need jump off. Bottomless pit of funding, inefficiency, ineptitude, graft and waste. They need $600M more this year…or else the children will suffer. These people are like the TV ads for ASPCA…only thing missing is the hungry kid with an empty bowl.
Close it.