-- 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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Don’t hold your breath, do you think they (Springfield) are going to act by may 3rd. Not a chance in holy hell, Pritzker will say, ya know, we have been so busy with this coronavirus, ya know we just didn’t have time ya know. Pritzkers famous two words ya know. But I will bet a million dollars you and your cronies will find time to pass there bu—sh-t bills, ya know.