-- 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 suggest that an Illinois Fair Maps Amendment should create a 16-member commission in which half of the chosen members must be actual former losing candidates for public office in a general election. Remember it is only the losers who have the real interest, experience, and best arguments for fairer districting and are the most concerned advocates for significant compromise. Those selected solely by party label are most likely to focus upon and cut a deal to merely cut the pie and save their incumbents’ districts.