-- 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 program’s creators didn’t forecast that tuition increases would outstrip market returns…” Kinda says it all, doesn’t it?
My advice: Roll Tide.
I know this is a small sample size, but in my world, I know of quite a few parents sending their kids off to college in the next year or two. Some of them have chosen to not attend college at all or go to the community college. Of the parents who’ve sent their kids to four year schools, not one of them – not a single one of them – will be attending an Illinois college. They’re all going out of state and many of them may never return. One parent I know sent a child to college in… Read more »