-- 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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When will the judge order for everyone to keep away from Chicago?
A smaller but similar conflict of interest situation existed when union shill Ralph Martire and union member Gina Harris sat on the Oak Park & River Forest D200 board. Big difference was they were, remarkably, given their conflicts of interest, voted onto the board. This unfortunate result later resulted in that board going out of its way to avoid referendum for what will be pushing $150 million for an athletic rehab driven by local pool lobby interests. Uninformed, under informed voters learn the hard way that elections have consequences.