-- 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 can not wait to see the report in five years regarding the success stories from this program. Of course, I am joking. There will be no report, no follow up, no tracking of the funds, and this program will disappear from everyone’s memory. The Illinois Finance Authority is supposed to be a bonding agent. They have no expertise whatsoever in climate issues, credits, “equitable” allocation of anything, or clean energy policy. And by the way, the IFA is a state agency that hasn’t done diddle over the last four years so the expense of running it is a scandal… Read more »
What does this slush fund do?
Promote the Climate Religion and help elect Climate Clerics.
This is an example of a screwed-up incentive system, courtesy of the federal government. It will produce nothing.
Another $340 million of taxpayer money just waiting to be pissed away by the goofy greenies and DEI gang. There’s nobody on this planet who can reasonably explain how any of this would be impactful in terms of inflation reduction. Biden has perpetrated fraud on the American people in the trillions. Hopefully the next time he tumbles he doesn’t get up.