-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
For Chicago and Illinois, let’s have leaders who have little-to-no financial skills making financial decisions. With that in place, no one should be surprised that Chicago and Illinois are in the dismal financial shape they’re in. Oh, and let’s add some greed and corruption to complete our recipe for disaster.
Thank you, Mary Pat, for your insights and analysis.
Thanks for the kind words!
Great work Mary Pat Campbell
Going, going, gone!!!
This is total unsustainable
The rich who pay taxes are leaving, the poor immigrants are replacing them.
I do not see this ending well.