-- 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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Haul in Ernst & Young and ask the tough budget questions? Sounds like the city council is looking for someone else to blame for the fiscal mess they’ve been perpetuating for years.
Oh, you mean the tough questions the Marxists at the Trib don’t ask the politicians?
They won’t. Its like going to a doctor for your physical but not hanging around for the diagnosis because you know it will be bad