-- 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 word “uncertainty” occurs 17 times in this article.
We can thus be quite certain that the author is avoiding the elephant-in-the-living-room, which is that people can see that IL is run by and for a cabal of unusually rapacious criminal-politicians.
All states are run by crooks, but IL’s take the cake. Skyrocketing SPENDING is the problem, spending which is fertile soil for no-bid contracts, self-dealing, conflicts-of-interest and outright theft. No state has a bigger debt-hole and no state has worse taxes. That tells us all we need to know about WHO RUNS THE STATE.