-- 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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Wow! Someone other than Wirepoints is looking at the pension problem. Hey Civic Federation, where have you and all your high powered business leaders been the last twenty years? Ducking your leadership responsibilities and avoiding any controversy is the answer of course.
The big income earners are fleeing in large numbers. Population is dropping like a rock. The few replacements are poor immigrants with little or no income. Sounds like a democratic business plan at its best.