-- 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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New definition of Insanity.
“Local 150 had opposed an earlier plan to use increased tolls to fund mass transit because it wanted to increase tolls for tollway capital projects. Pushing a toll hike after the tolls were already increased would be difficult, to say the least.” So, they did a deal, moved some money and did a toll increase…every body wins… Another example of what is wrong with Illinois Politics. It is driven by unions, not by the need of the Citizens or the limits of the tax payer…nope, a dark smoke filled room, a golf course, couple of expensive cigars and pours of… Read more »