-- 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 think all of the cost control measures are wonderful, but perhaps the Board of Trustees should step in an reduce the incredible salaries of these privilaged administrative staff. This was from a board meeting in July 2018. “Action: Appoint Vice President/Chief Financial Officer and Comptroller Funding: State Appropriated Funds I recommend the appointment of Avijit Ghosh, presently Vice President/ Chief Financial Officer and Comptroller Designate, to serve as Vice President/Chief Financial Officer and Comptroller, non-tenured, on a twelve-month service basis, on 100 percent time, at an annual salary of $413,000, beginning July 23, 2018”. Folks, this is where the… Read more »