-- 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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I think it’s spelled boondoggle.
Well for a few hundred K I’ll expand my garden in Bowmanville!
Good Luck. I hope they have something to show for the 75 million soon to be spread around
There’s gonna be some bulging pockets of local politicians and their friends and family. Every program passed by or introduced by elected officials has a 30% graft provision built into the program. Rags to riches.