-- 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
“Mayor Rahm Emanuel and the Chicago City Council’s action to raise property taxes by $839 million in order to fully fund public employee pensions” “Mayor Rahm Emanuel’s plan to raise Chicago homeowners’ water and sewer bills by $239 million in order to fully fund public employee pensions” They actually believe that’s all that is needed? Hope their reporting skills are better than their math skills.