-- 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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I don’t think the support is going to be there like this blowhard thinks. They are counting on the support of unionized non government employees which is not as strong as they think. I’ve sent some articles to my neighbor, who is a union member, and he was flabbergasted by the short work days, cheap health insurance, automatic pay raises and all the rest of it. As I pointed out to him, the only thing he’ll get out of the AFSCME contract is a income tax hike. I told him he has to sacrifice so they don’t have to. It’s… Read more »
Is this the same Terry O’Sullivan that heads the Laborers Intl Union? If so, he needs to take us all out…for steaks. His total compensation is $675,000.