-- 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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I saw the 5pm local newscast on Fox last night, and Corey McPherrin actually said that costs would be coming down soon because of the suspension of the grocery tax and gasoline tax. It was so misleading and just plain wrong. Obviously the newsreaders, and that’s all they really are, have no clue what is actually happening. Or it’s intentional. Hopefully people will realize their bills aren’t going down and vote accordingly.