-- 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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I thought she would actually give some particulars how to share the pain. Instead she stands up there and says “Hey guys, I have no idea what to do” like a deer in headlines. Why did she even want this job in the first place? That speech was such a rookie mistake. Then again, she’s the city’s de facto insolvency receiver, she’s not the mayor. She’s not here to lead us or run the city – she was elected to clean up the mess.