-- 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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In an Election Year no Governor should be allowed to sell State assets.
There should be a embargo pending the outcome of the November election. This should be written in state law as a sign of good governance (and protecting taxpayers), which is impossible in a lawless society.
$70 mil??–that’s it?? After all the hoopla, I thought selling tc was going to save the state from what the pols were telling us? Wasn’t tc supposed to go for over $300 mil?
The Illinois Way always requires big discounts for friends, campaign contributors and family.