-- 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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The malfeasance and corruption in IL is exhausting. It would be best if IL Government were significantly downsized – just outsource all of it to India.
Ya out source it to India then we can call it Ali baba and the 40 thieves
Can any government agency, whether federal or state level, provide an explanation as to who organized and perpetrated this fraud? Was it a foreign government, a high tech crime ring, a group of merry pranksters? Why isn’t this a priority and why don’t we hear about it, other than a talking head on the news that periodically tells us authorities continue to investigate? It reeks of negligence and conspiracy.
$2 billion? I would take the over…
That would be a smart bet. The latest national estimate from the Dept. of Labor is 163 billion. Illinois’ share based on population wold be about $6.5 billion.
All Trump’s fault too, as they tell us.