-- 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 encourage my talented technical STEM studying kids to eventually set down their roots someplace else. I fear there is a ceiling to their long term financial success in Illinois, as well as a reduced set of opportunities in Illinois. Once roots are set in owning a home and family, it’s hard to leave. Youth and talent needs to be mobile early on, to set up a trajectory in a career. That means don’t sign up with a state that’s in deep doo doo.
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You only deal with talented technical STEM studying kids?
The US debt and unfunded liability crisis is worse on a per capita basis than Illinois’.