-- 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
Yet another example of corruption and mismanagement, all at the expense of the citizens. But, when will we learn that this longstanding situation needs new solutions ? Reporting alone is obviously not changing the behavior of politicians or the system weaknesses. When will we learn not to expect a different result if the politicians are not held accountable, dysfunction is not penalized, and the system is not changed? Educating voters doesn’t work, especially in a machine run State. What to do ? What action can be taken to solve and have some effect ? Some thoughts: -Perhaps sue the politicians… Read more »
J Stec, what you want would be solved in large measure by mandating term limits. Its when politicians start to think of making a career out of politics that bad things start to happen as regards feathering their own nests rather than serving the larger public interests in a more altruistic way. No amount of badgering them to sign anticorruption petitions will begin to make a dent in the problems; most elected public officials will sign it and continue doing business as usual, dreaming up reasons why their actions are not corruption when it might seem so to others. Sadly,… Read more »
Hi James I actually am advocating ways to align the goals and incentives of the politicians with those of the people. There are multiple ways to do this. If the anticorruption pledge had consequences, it would be effective. Example; If the financial condition of the State did not improve, the lawmaker would forfeit their job, or not get paid. In my opinion, this will be more effective than term limits alone. With term limits, party machine candidates can potentially be corrupt and just hand off to another straw man after each term. We need to start thinking of actions that… Read more »
The greed and corruption on both sides of the isle is shocking. The pension spiking should be criminal. I still had some measure of respect for a few of the people named until I read this article.