-- 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’m constantly amazed as to how many unions these union reps work for. The lawsuit states the union plaintiffs are represented by Attorney Marc R. Poulos of the Indiana Illinois Iowa Foundation for Fair Contracting. But Poulos is listed as the executive director of Midwest Operating Engineers Construction Industry Research & Service Trust Fund, where he makes $282,000/yr (that includes $54K in deferred comp) to file frivolous lawsuits against local governments. I’m in the wrong line of business(es).