-- 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 someone is starting to pay attention to all the work Wirepoints has done the last few years not only re state pension issues, but the spectacular research on local pension problems as well. And it is nice to see the press– the Quad City Times– has finally picked up on it. They must have a reporter who isn’t lazy and has a three digit IQ. Too bad the rest of our Illinois media does not.