-- 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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Some pigs are more equal than others.
It’s a bitter pill to swallow knowing that ordinary citizens were duped into electing this corruption, and are now held hostage by a system that thwarts their every attempt to enact change. The burden will fall squarely on the shoulders of hardworking taxpayers, who will ultimately foot the bill for this betrayal of trust. It’s a dire situation, one that demands action and accountability but it may too late. The only step I can see is the state declaring bankruptcy.