-- 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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It remains to be seen how far the red wave will go. I met a young parent this week upset when she found out that our local school focused more on art, PE and recess than math and science. She was all worked up about it. I said, you’re from IL, you know how crazy this state is, and they genuinely seemed to have no idea who insane things had gotten in IL . I didn’t want to spoil the mood of the party so I didn’t tell them about how their 3rd grader was going to be introduced to… Read more »