-- 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 the Mayor of Illinois speaks Bubblehead Pritzger obeys
I’m glad the mayor has everything under control. Isn’t is strange though that every other major city has a lot of budget problems? I guess Lightfoot is just a lot smarter than the rest of the mayors.
Of course the more skeptical residents might think she is (more or less) throwing in the towel, believing the Chicago problems are beyond fixing so, “What’s the point? The future is either bankruptcy or a bailout.”