-- 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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a drop in the bucket, sadly
This $100,000,000 are the potholes in your street, the leaky roof at your childrens’ school, the rat problems in prisons, the dilapidated campgrounds around the state, the 6 month wait for your FOID card, the long wait at the Secretary of State office….all of these to feed the pension, the very hungry, insatiable pension costs…..
Yet the Illinois voters voted for this.