-- 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 ISAC is a joke. My son is a top student and he recently received, after all the early action deadlines, a letter from them that he was designated an Illinois Scholar and he will have an online badge he can attach to his profiles. Meaningless of course, but it is also after the deadlines. Close this useless bureaucracy.
Taxpayers always on the hook for failed policies.