-- 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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Ok, let’s do basic math:
Illinois population 12,670,000
62% is working age: 7,855,400
Illinois unemployment rate in July 2020, 11%
So IDES should have expected about 864,000 VALID claims for unemployment
Which means IDES was handling more fraudulent claims (1,000,000) than valid claims. When they saw the numbers didn’t make sense, what action was taken?
Nice job Democrats!