-- 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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Just break the contracts, break the promises and take our pensions away, right corporatists?
Sometimes the “must-do’s” trump the “should-do’s.” Whatever one thinks about honoring pension obligations, the math just doesn’t work for it to happen. That’s largely what this site is about.
No matter how small the reforms are the pols will tell us how great they are and our dumb voters will believe them.