-- 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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In my next life I’m coming back as an Illinois public school district superintendent. My side hustle will be an aldermaniac aide!
Chicago taxpayers should consider these salaries as an example of a type of “super-abuse” of taxpayer funds, going beyond even the normal, expected levels of abuse.
I’m sure they work very hard for the money and provide equivalent value to the city.
Man, am I in the wrong line of work. If I was chums with an aldercritter, I’d be on easy street.