-- 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
Durbin is a disgrace to Illinois but fits in with the Chicago mob.
Oh thank God! Another indispensable political class lifer in his 80’s clinging to power, privilege and a nice office budget. Time to start the pension, smell the roses and for younger, fresher blood.
I thought maybe he would retire and relinquish his seat to another younger, likely POC politician, but with the senate flip to the Republicans, he has zero incentive to retire. A job as a senator in a minority party is easy. He just votes No on everything. There’s no whipping up senators votes, or negotiating with the other party, or anything like that. It’s literally just showing up to a hearing once or twice a week, and taking a couple of “No” votes. He’s so old and his seat is so safe he doesn’t need to raise money, or protect… Read more »
Do Nothing Durbin will play his fiddle while the USA burns. He’s the perfect example of why term limits are necessary. Like his buddy Chuck “Cheeseburger” Schumer, he’s worthless.
I can’t wait for the lifetime D.C. politicians to vote themselves out of a job by passing a term limit bill reads the editorial from Mad Magazine.