-- 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 have close to zero connections to anyone in Springfield; but it seems like its an open secret that Madigan is toast, otherwise they wouldn’t have defied him. They must have some inside knowledge that isn’t yet fit for publication. But after reading Kass’s article full of lurid insinuations, combined with real search warrants of Madigan’s closest allies, there appears to be a huge dumpster fire behind all that smoke…