-- 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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Surviving is the best he could have hoped for. Between a Governor who postures before his supporters while making one bad decision after another, to a dimwitted Mayor who is a cartoon character, to the local media which slants coverage to show every criminal in their graduation gown that they never actually wore, his position was tenuous from day 1. He’s holding 10 gallon cans of gasoline while standing in the middle of an inferno. Survival was best case.