-- 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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Hmm.. can’t imagine why there is a housing crisis when the state is subsidizing felons to get free housing right out of the joint and wants to make it impossible to kick out the biggest dirt bags in IL until they murder a neighbor or blow the place up. I had the misfortune of living near a half- way apartment building, replete with broken windows, ne’er do wells in lawn chairs on the front sidewalk every day and police calls every other night. A real asset to the community, you bet.