-- 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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Mark, its about time you start getting some recognition for the work you are doing on the local Chicago mess. Chicago is the poster child for what 60’s style Democrat politics does to cities, minorities and middle class people. Our state is a mess, and the press, media and current officeholders are quite skilled at hiding the truth. The inbred local press are aiders and abetters. It is interesting that the national media understands Chicago better than the locals do.
Thanks, Larry, I’ll be making this my full-time new career soon and will post about that soon — thought I am not sure exactly what direction it will take!