-- 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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On the plus side, city officials can now remove the fair share clause from the next contract.
http://schaumburg-prod.civica.granicusops.com/civicax/filebank/blobdload.aspx?BlobID=23006
One of the key things in the article is the first sentence in the 4th paragraph. While I’m sorry her husband has cancer, 1385 hours of sick time equates to 34.5 weeks. Nobody in the private sector that gets sick days can accrue them for their entire career.
The only jobs i ever had with sick days was in Food production. And then only 3 a year, use them or lose them.