-- 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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The State of Illinois will pay the billions not the businesses. Now that’s funny!
JB could just write a check? Maybe for the underfunded pensions too?
So, the audit confirms a massive +$5B was stolen from taxpayers. Where did it go? I have a really good hunch where much of it went.
Doesn’t mention that JB’s decision to close IDES offices to public contact had much to do with all the subsequent foolishness and fraud. That’s what threw everyone – claimants, employers and the state – into the wild-west online world in the first place. Recall how that all went. First the IDES offices were closed, and IDES employees were ‘working’ from home. Without their encrypted guvmn’t computers. Or state issued cell phones. And tens of thousands of newly eligible claimants. Then, eventually, IDES staff returned to their IDES offices, which none-the-less remained closed to public contact. Health and Family Services (Medicaid,… Read more »
Once again, was anyone at IDES ever fired or even disciplined????? Sadley we all know the answer.
Fraud is Illinois’ chief export
The taxpayer is always on the hook for government screw ups.
Raise business taxes and they raise pricing, so you pay always one way or another.