-- Connecting the dots between our economy, government and business --
"The belief that good governance can be engineered—that there’s a correct way to govern, some set of magical processes that, if followed, will achieve optimal results—is what led cities to outsource core functions to consultants and nonprofits in the first place. And replacing one bloated public-private technocracy with a slightly more efficient public-private technocracy doesn’t solve this fundamental problem."
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
Blue States being beholden to public unions nearly explains all the dysfunction – they are set up to fail. It’s why right to work states are better in near every meaningful metric.
Good article, thanks for sharing. The comments were interesting too. Quite defensive, but not arguing that things were actually well-run. More like variations on the “You just don’t understand how hard it is” theme.
Wonderful article! I think a strongly-related problem is the unashamed mismanagement of taxpayer money, either directly by the government employees (city, county, etc.) or by the contractors.