-- 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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“The existing arrangement, by the way, also benefits incumbent Republicans, whose districts are drawn to pack in GOP voters so they won’t pose a risk to Democratic candidates elsewhere. Twelve Republicans in the 2018 state House races had no general election opponent, thanks in part to their built-in advantages.” I HATE THE TRIB. This is ‘fake news’. The existing arrangement means that the legislature has a DEMOCRAT supermajority in both houses despite NOT having anywhere near a super majority of the overall number of votes. It’s not even close. It’s been this way almost the entire decade since the last… Read more »