-- 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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The CrapFax crew will bemoan the fate of poor Tom, who in their eyes is a good guy. They do this while on the clock at their state jobs. Why is it always the Feds that have to keep state legislators and employees honest? The level of corruption in this state is unprecedented.
According to the indictment, Tom had a ghost payroll job with a Chicago union so he could continue contributing towards his private pension, while at the same time, earning credit towards a government pension.