-- 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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Manar is a deputy but so is Barney Fife. Need I say more.
Andy Manar, former State Senator, falls right into place regarding budgeting Illinois style considering his spearheading of the most recent Illinois School funding fiasco. He did such a great job on that situation he was rewarded with his newer position of Deputy Governor with a higher rate of pay so as to spike his Illinois pension in true Illinois political style. Congradulations Andy for your ability to reward yourself financially while furthering the continuing the failure status of Illinois’ finances. Another great example of why Illinois is in the mess that it is in.