-- 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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Also, the consolidation of the Fairview Fire Protection District resulted in no savings either. DuPage County slapped on an SSA for those home owners that cost them 3x more than they were paying and negated their ability to negotiate fire coverage from surrounding fire districts.
SunTimes – need to be more precise in your editorials. There is NO savings from the “consolidation” of the Century Lighting district in DuPage County. The county took over the functions that used to be done by three board members who lived in the district and volunteered their time to contract out repairs to lights as needed. Now, DuPage County Division of Transportation will make the contracts and have the board approve it and most importantly it will cost those residents MORE this year than in the past. The facts matter folks – you can’t always believe what you read.