-- 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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“State police also said they have an overall crime backlog of 13,390 cases. They estimate that, with increased staffing, it will take 5 years to eliminate their backlog.” Why would we spend money on actual services for residents of Illinois when there are pensions to fund? Public employee healthcare to pay for? Prevailing wages to cover for grossly expensive infrastructure projects? Overlapping units with multiple employees doing the same thing to pay for? Remember, we serve them, not the other way around. We (businesses and residents) are here for their compensation and benefits. And if we ask for something in… Read more »