-- 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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Pay special attention to the paragraph about, The disaster proclamation LOL issued… The last statement says he has is hand out for “recovery funds”. The fact is Illinois May unemployment rate remains at 4.6% while the national avg is at 3.6% and the surrounding states are doing far better not to mention they recovered faster. Governor LOL should work on unemployment rather than looking for and giving handouts.
Hand outs are a more efficient way to garner votes, and JB’s into efficiency – just say’n.