-- 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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Mark, it’s impossible to think clearly about these issues because Orange Man Bad!
I do not think that ANY Federal and most State employees have taken even a modest pay cut, or any have been furloughed – So people who have seized control (even though State Constitutions put limits on that) are feeling ZERO effects of their ‘policy’ decisions. A 10-20% across the board pay cut and furlough’s at the Federal level and State level would do a LOT to dump cold water on these overly aggressive stay at home orders.