-- 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
NY Times had an article “it’s almost 2019, do you know where your photos are?” that has a lot of similarities to the pension problem. We’ve heard about obsolescent digital formats before, but now it is a problem for anybody with a smart phone. Where do you store your photos ? In 2005, Yahoo acquired Flickr and told its users to move their photos to that website. In 2013, Flickr gave its customers virtually unlimited storage. Later Flickr decided it couldn’t afford to do that. Customers were limited to 1000 photos with more storage space for sale. Now iTunes promises… Read more »
My, you certainly know how to “connect the dots” between different stories.
Thank you for doing these interviews Mark (and Ted). Jeff could improve his form by simply letting you speak at length. He is constantly two steps behind you.
He needs to turn the iPhone off and quit texting during the interview.
And I should have interrupted him more. Being nice just doesn’t pay.