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.
Cox writes–“Yes, it removes money from the overall economy, but the revenue better enables the state and local governments to keep police officers, firefighters, and teachers employed, while not coincidentally funding essential services, including that unemployment insurance so desperately needed by those out of work. That money goes right back into the economy.”….but thats a lie because directly or indirectly all the new revenue goes towards debt (pension debt) for are promised public sect ,zero risk/ zero layoff under compensated heros (129,000+ projected pension tax free millionares at state level alone) because paying the pensions comes ahead of paying for… Read more »
“Yes, it removes money from the overall economy,…That money goes right back into the economy.” Why not just skip the middle man and have everyone work for the government?