-- 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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Finally at least one example of an organization in the education industry in Illinois does the right thing.
They did it out of fear of losing their own membership from the local level. The IASB serves no real purpose for our school boards or school Districts. They are a lobbying group for the Teachers union and teach our school boards how to borrow and spend more and more money. I hope they get defunded next.
Didn’t expect that.