-- Connecting the dots between our economy, government and business --
Ted explained to Quaid of WTAD why Gov. Pritzker’s claim of a “balanced” 2020 budget is bunk. Lawmakers are only contributing what they want, not what the state’s actuaries say is the responsible amount.
“Illinois did not end up with the nation’s worst pension debt by being honest about its budgets. It did not end up with the nation’s worst credit rating by being honest about its debts” said Ted.
Interview starts at 8:20.
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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