-- 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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Unemployment bebefits are an insurance program. The employee pays into the insurance with every paycheck and the employer pays into the insurance with every paycheck. The insurance premium is based upon actuarial data based upon business type and historical unemployment data for that industry. Right? We have had a functioning economy for six years and a boom economy for three of those six years. The unemployment insurance pool should be flush with cash. So…….where’s the money Mike Madigan?