-- 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
I know many internet posters who believe, without a doubt, that the federal gov. is going to be the guardian angel that swoops in and bails out our pensions. I point out that is not happening and they scream at me that Durbin is ‘on it’. Yet, lookie here, even Durbin is getting humiliated in the Senate with Harmon’s request for billions. What an embarrassment! This humiliation does not end.
Put your head back in the sand Durbin and don’t come out until Pritzker tells you to