-- 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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There are still plenty of bridges in dire need of repair throughout IL. Quit diverting all the money to failed, revenue hemorrhaging systems used by CHI and collar counties and take care of the rest of IL for once.
Absolutely disgusting
The key to the lockbox seems to be a skeleton key. Use it for any purpose any time as they see fit.
How much of the money paid by taxpayers into the pensions via property and other taxes actually went to fund pensions?
I’m sure PPF that seems to be MIA could tell you.