-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Only commenting on the first element here. It’s very interesting … There just might be something to the complaint if the common setting of eligibility standards can be shown to decrease competition among these schools. Proving that could be difficult. From the schools’ perspective, they have adopted a policy of “coopeition,” where everyone collaborates to divvy the pie. They talk like that openly and believe the shared approach affords them legal protection. Quite possibly, the complainants have a point. Be fun to watch this move downstream into changing policy a year or two from now. The schools WILL react. I… Read more »