-- 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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Soon to be posted:
Wanted: New Chicago CPS CEO
Basic requirements:
Must have experience kowtowing to union demands
Must be blind to reality
Desired requirements:
PhD in Marxist studies
Experience in Venezuelan government
Must be black.
MAYOR MOPE IS A MOPE NOT TO REALIZE THE CPS MONEY PROBLEMS
Kevin, try to put some substance into your comments and knock off the all caps, please.
Johnaon has indicated he want CPS to borrow money. Martinez and his execs view it as reckless.
But even if he gets rid of Martinez, borrowing won’t be sufficient to meet the needs of the union by a big stretch.
Johnson’s revenue lever is to raise property taxes, I think he knows that he could not be re-elected doing that.
What a terrific mess.