-- 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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This is what happens when DEI is the main criteria for hiring someone versus competence.
If it is stupid, you must be in Illinois.
Over $4 million in salaries (and what’s the total comp and pension liability?) to employ 7 commissioners and 30 employees to do what all day? Clearly software evaluation and integration is not among their strengths. Yet another make work jobs program for state democrats.
$1M for Commissioners who can work other jobs. Sign me up!