-- 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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Since the article is behind the paywall and published by the Tribune, I’ll have to assume it’s all systemic racism. Free water is a right! Alright, grab a bucket and head to the nearest source. Better yet, have some of the strong and powerful matriarchs carry a bathtub full. Water weighs 64 pounds per cubic foot. Free! Free! It’s for Me! Water bills be racist!
My browser lets me read the article for free if I go into reader mode. The article is a rambling piece about how Dixmoor’s pipes are aging, they owe $2,000,000 to Harvey for water, they used the money for payroll. The article, of course, fails to mention pensions. We here at WP know that Dixmoor could likely afford its bills if it didn’t have those racist, legacy pension obligation to pay. PFF is correct when he says the pension will be paid, but unfortunately, most of the state of IL will look like Dixmoor and Harvey, crumbling to the ground… Read more »