-- 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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Maybe the state could tax the verdict windfalls from some of these national cases that lawyers have specifically chosen to have litigated in a Madison County, etc
Madison County?
SW IL has long been a bastion for anti- business lawsuits. The tobacco companies took it on the chin down there decades ago. I once received a notice from the Benton, IL courthouse notifying me that I was involved in a class action lawsuit because I received a mailed flyer from a used car dealer that had somewhat shady business practices. All the plaintiffs such as myself received 1K each in the settlement.