-- 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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Lawyers love this stuff. A bit of wealth redistribution echoes Jefferson’s observation that “the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” Google can afford it and as with most class actions the so-called victims will see a small windfall while the lawyers reap a large harvest. Google will find a work-around and continue to thrive. Just a yawn for the rest of us.