-- 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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They know the cost of not passing the pension, their legislative seats.
Dead on. Since Rauner the pendulum has swung in favor of union employees and pensioners but yet everyone acts shocked that JB wont offer up a constitutional amendment for pensions and Lightfoot provided a favorable contract to untions. We are truly dysfunctional.
Not we, they. I didn’t vote for any of these people and I take no responsibility for their actions. It’s a tyranny of the majority, and as a member of the minority, I literally bear no responsibility for any of this.
If you live in Illinois it’s “we” when the bill comes due.