-- 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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No info in articale or on linked state web site on how this workshare/ “free stuff” program is funded? Is workshare funded with fed biden $bucks$? Or out of ides vasly underfunded unemployment fund that Illinois tax payers are on the hook for paying back to feds from the borrowed $8 billion?
I’ve read most other states are using or proposing to use fed covid/ biden $bucks$ to replenish state unemployment funds thereby offering an indirect tax break to businesses and ultimately consumers. But not in bankrupt/ debt don’t matter Illinois, using fed covid funds to expand the free stuff give aways.