-- Connecting the dots between our economy, government and business --
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Everyone in Illinois better wake up and look at seemingly innocuous amendments like this. These boards control billions and billions of dollars invested in all kinds of complicated investments. We need to look at who the unions elect–both employees and annuitants. Third grade teachers. Union business agents. Geography teachers. Barely a single one over the last thirty years has any experience whatsoever in managing money. Maybe nice people but totally out of their league. If you attend trustee meetings (which almost never have an outsider in attendance), it is appalling what they spend their time on. How long is the… Read more »