-- Connecting the dots between our economy, government and business --
Comment: This project has taken longer than it took to build the Hoover Dam or win WWII.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
With the Hoover Dam it was just engineers and tradesmen managing the project. In todays world lawyers and bureaucrats manage projects. Lead, follow or get out of the way is the adage, lawyers and bureaucrats cant lead engineering projects, and they cant get out of the way, so projects fail.