-- 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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I didn’t see any evidence of anyone “squirming.” All I saw was an impotent state legislator (Durkin) barking to any reporter who will listen, mainly because he has no power to actually do anything.
And what is wrong with the voters in the Chicago suburbs who thought that implanting democrats into a supermajority would result in a good outcome?
They erroneously believed that anything not Orange Man Bad would be a good outcome.