-- 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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CORRECTION: The unions get all this money, at union wages. The tax payers get asphalt and concrete.
If I may add including healthcare/overtime by the boatload/probably non-competitive bidding/very few minority contracts/pensions and the taxpayer foots the entire bill. On a side note. Is there anything in the $45B boondoggle about using less corrosive road salts that are eating up our vehicles and roads. Any reimbursement for rust? I read a while back that damage is around a billion or more to vehicles from rust and potholes. Not sure if that’s true. I drive 2 tons of rust with 4 wheels.