-- 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
That’s the rub. Everybody and their brudder and brudder-in-law has a piece of the pie. Getting them to relinquish their cush income (I can’t even call half of them jobs) will be damned difficult at best.
The budgetary shell games have got to stop. As enrollment in CPS shrinks, so should its budget.
A pipe dream it this point.
How about eliminating 25-30% of the useless grifters positions and departments, and cutting Gubbermint for a change?