-- 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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Rauner’s name appears seven times. I’m kinda rooting for AFSCME 31 this bargaining cycle. Curious to see what demands they’ll make now the WRA passed. Ask for the moon! After all, JB fully supported the amendment. I am impressed the AFSCME seems to understand finances better than Illinois Democrats. Props to them for giving credit to massive inflation and free federal money instead of JB: After the budget crisis was over, there was optimism about the health of the state budget–until the COVID-19 pandemic emerged in early 2020. States governments across the United States were on shaky fiscal ground as… Read more »
After CTU, AFSCME is the most detrimental and cancerous organization in Illinois. Bust this union now.