-- 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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Sold by former mayor Richard M Daley who then became an attorney for the law firm representing the parking meter group as Daley’s chief of staff, Avis Lavelle, became the CEO of the same parking meter company. Crooks? Sold off the meters for a 10th of their value and both received plush jobs in return. Corruption? If you’re gonna be a thief, a crook or corrupt politician Chicago is the place to be.