-- 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 am happy to see we are using methods from others states who are better run than ours. Thank you, Missouri. I wonder if the IDiOT budget will be reduced now. Maybe we can redeploy them to a new task like the national guard, the winter weather platoons. Let me remind the governor, winter is over, maybe something else.
This is must pass legislation. This streamlining is absolutely needed in Illinois. It will remove costly barriers for contracts to be awarded on a no bid basis to big campaign donors.