-- 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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Everyone knows creating a Chief Diversity and Inclusion Officer position is more important than putting the money towards underfunded pensions.
Just as everyone knows pay hikes and legislative benefit hikes are more important than putting the money towards underfunded pensions.
Since someday they hope the Federal Government will shower municipalities with new money and the Federal Reserve will allow munis to borrow money at a lower than bond market rate.
It is just a new position.
It is just a pay hike.
It is just a benefit hike.
Repeat.
Repeat.
Repeat.
Etc.
The General population does better on their own RATHER THAN WHEN IT IS SHOVED DOWN THEIR THROATS BY GOVERNMENT!