-- 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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Yea OK! Watch where the funds go. A windfall for any improvements will require accounts for tracking. Chicago accounting takes a portion of the initial windfall and funds specific projects, the remainder is deposited to the Chicago Reserve Windfall Nest Egg to be distributed in a most judicious and responsible manner. It becomes a political slush fund to ameliorate Systemic Racism. Follow the money!
Lead pipes? That’s it? The entire piece rambles on for several hundred words to praise new pipes?