-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
This just shows how unfriendly to business an administration can be when you elect a labor organizer to be Mayor. Once again people that vote not realizing the consequences of an election.
“Chicago’s ordinance would not trump labor agreements” – in other words if you unionize this won’t apply to your business. If businesses want to unionize that’s fine, I don’t think government should be in the business of coercing them. Ultimately this is just another job killing, bad for business law that will be enacted by people with no experience running a business.