-- 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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Plans I have known: Five-Year Plan, soviet style. Liz Warren’s weekly plans. New Year’s resolutions (annual). Plan A; Plan B. Best-laid plan. Marshall Plan. Diet plan. Workout plan. Family plan. “gang aft agley” says me.
Working on a plan is woke speak for doing nothing. For decades CTA could run busses and trains on a schedule and you need not be worried about being brutally murdered! What changed? Hmmmmm…….
“working on” and a “plan” and “fix” it. It would be interested to know what actual people are doing the work, what deadlines have been imposed and what responsibility they’ll have if they don’t fix anything. Also interesting to know what consultants have been hired for how much and to whom they are related. I am guessing this is like the plan to fix everything else that isn’t working and that any solution will involve a lot of pay-raises and union concessions.