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.
Hiring contract employees allows companies to be more flexible and staff up or down quickly to respond to demand. Once again, Illinois is going to make it more expensive for Illinois employers to hire. This law, while it sounds good on paper and in the press, will only hurt Illinois in the long run.