-- 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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There is not much difference between Illinois and New Jersey. Both belong in the toilet not just the sink hole. Goes to show that Illinois which has been run by Democrats (Madigan has been the puppetmaster even when it has had a Republican governor at the helm) does not know how to manage the budget and all that goes with the running of a state. What Illinois tends to elect into office are those who are only out for the betterment of themselves and their ilk.