-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Mark,
I do not see how the state cannot have a budget for another two years. Something has to give before then. It looks like Rauner will not do another temporary budget at this poin, which will force something I think. If somehow the state does not have another budget for two more years then Rauner is toast I am afraid. I hate Madigan, but going four years without a budget will doom Rauner. Thoughts?
You may be right. That’s another piece I need to do. At a minimum Rauner needs a huge improvement in his messaging and communication, which stink.