-- 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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One of the biggest patronage scams the city still has going is to have cdw city emplyees replacing water main lines instead of contracting out services. I believe I read, 1/2 of the work for rahms water main/ sewer replacement is done directly by city workers. and who knows how many $ and lead service lines could be replaced if all water/sewer replacement was contracted out.