-- 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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An excellent article about the many factors that prop up the politicians power base at the expense of the voters. The worst is 50 aldermen and the money to administer their offices. The suburb we used to live in had trustees elected at large. The trustees did not represent any particular part of the village, so they worked for the village as a whole. Several adjacent villages had wards where there was constant infighting over downtown wards vs low income areas. Same with Chicago, infighting among aldermen, more concerned about getting what they can for their ward, the heck with… Read more »