-- 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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Where were the Einstein’s at Crain’s and the other mindless journals in Chicago, when Richie Daley sacked the funding for those pensions to pay for nice little median strips with trees instead of paying the pension fund money that he was obligated to do under law and common decency? Same question for Rahm…
Jeff Skilling went to prison for what he did to the Enron employees retirement fund; Isn’t that where Richie and Rahm belong as well?
Just a rhetorical question mind you…