-- 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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McClain was obviously helping out Quinn. We don’t really know why. Maybe they were good friends over the years. Maybe Madigan told McClain to help him out. Maybe Madigan knows nothing. Madigan would never say anything over the telephone, or email or document this arrangement. But the Feds are coming heavy down on McClain right now. Does McClain fear the Feds more than he fears Madigan, or does he fear Madigan more than he fears the Feds? I mean if I were in McClain’s shoes, nothing short of a car bomb secretly placed in my Nissan Rogue would stop me… Read more »