-- 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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Brando is trying to force Pritzker’s hand. It’s one progressive extremist against another. Given the shrinking revenues of Illinois, the options are limited in terms of a bailout and gift giving to the CTU. One thing to remember, Pritzker does not like to be publicly embarrassed, and the man holds a grudge. Chicago is teetering and they have an indignant and incompetent man at the helm. Stay tuned.