-- 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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IMO Parmaggani will take a plea and testify against Mikey Madigan.
The fun is just beginning.
Da Judge
I can’t even imagine how much of this sort of thing is still commonplace in public university administrations, public employee unions, hospital boards, other public utilities, large manufacturers & construction companies, technology-n-software vendors.
There’s more than a little truth in the defendant’s contention that fraud, waste and corruption is just how Illinois does business.
Another reason why I voted with my feet and left Taxistan over 20 years ago.
I had no faith that any of this would change and knew the Illinois Democratic Party was totally corrupt.
A system that is destined to FAIL.
It’s still illegal!!! JB Pritzker put all of his weight into ending the Shakman Decree in 2022.
https://chicago.suntimes.com/politics/2022/8/5/23293685/shakman-decree-pritzker-wins-end-political-hiring