-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The Village of Dolton finally rids itself of the moron mayor Tiffany and then they do this. A question that needs to be asked of the new mayor and the village board is how do you plan to monetize this in order to pay for the purchase and for the ongoing maintenance? I have real doubts that they can operationally break even let alone cover the purchase price.
Like Jenny asked Forrest: “Are you stupid or something?”
Here’s the thing. How many people do you think this will attract ? In this day and age it was way too much. I’m Catholic , live 8 miles away and have no interest. Anyone else ?
Only twice as much? Normally government spends far more than that to buy and provide services to the taxpayers.
Yep, that’s pretty good negotiating for an Illinois municipality. In Illinois, that’s an example of prudent fiscal management.