-- 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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Slapping taxpayers with tax, after tax, after tax doesn’t reflect poor financial practices? Heck, anyone can solve problems by going back to taxpayers again and again and again…
Too bad they can’t report on how the city is moving towards defined contribution retirements, or attacking the Illinois Constitution to remove the langauage regarding impaired or diminish clauses. Nope, sell it as great financial moves and how it is the right thing for all parties…rubbish…