-- 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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“Sen. Andy Manar, D-Bunker Hill, one of the Senate’s lead budget negotiators, said the package will look similar to the current year’s budget of a little more than $41 billion, although it will rely on borrowing up to $5 billion from the Federal Reserve to make up for a sharp loss in revenue caused by the COVID-19 pandemic. The plan is to pay that money back with federal aid to states that lawmakers expect Congress to approve soon.” This is delusional. Federal aid is NOT a done deal and the GOP – which controls the senate and the presidency –… Read more »