-- 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 am for complete transparency everywhere – federal government, state and local governments, and the private sector, with respect to everything – salaries, pensions, benefits, ownership of bonds and stocks, tax returns, etc. Seriously. If we had all that information, maybe we could see, for example, how beholden our new President is to Russia, or how much racial, gender and age discrimination goes on in companies. The public interest and need for disclosure extends well beyond government workers and retirees.