-- 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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They will just kick the can down the road and hope for the best.
Yup, I’ll put my betten money on more borrowing w yet again even higher prop taxes and ZERO layoffs. Astoundingly ZERO layoffs from all the ARPA-COVID funding. Maybe a few non-collective bargained staff will get the axe for show.
They’ll hope for and likely get the best (for themselves). By the time the **** hits the fan, most will have made or amassed millions of dollars. Let the next generations worry about this problem, aka kicking the can. This is despicable behavior of elected officials.
Start by slashing everything 10%, those departments need more must make the case to take more from someone else.
The answer is No, progressives and the entire city leadership will continue to sidestep reality because sidestepping reality is all they know. When the law and courts are forced to take over and set fiscal priorities they will continue to howl and whine about the inhumanity of it all, never recognizing that that they themselves created the mess.
Painful for the taxpayer.