-- 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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Private companies get sued for this, in multibillion dollar settlements. The public sector wags their finger at them and pounces.
In the meantime, we have such antiquated systems in Illinois that an employee has to upload–manually–to a website, sensitive information.
All because public employees will not allow any “extra” funding to go to important things like replacing technology, equipment and improving the services for taxpayers.
I really do despise these public employee unions.