-- 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
“David Hochberg” 56 David dot com David Hochberg was making hard money, interest only loans to state senators to purchase vacation condos in FL? A good tv writer could turn Illinois corruption into a scripted television show with the cast of characters and the crazy situations they get themselves into. Just toss in some violence and some of the more salacious stuff (the massage parlors solis visited, and the crazy, violent underworld that’s part of that) and it’s House of Cards meets Sons of Anarchy. Now nobody go stealing my script idea, I’m gonna shop this around with my agent… Read more »