-- 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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We now start down the path of taxing those that have saved for retirement to pay for those that haven’t.
This is only a precursors of what dems will try and do for public sec pension bankrupt blue states in 2 years if they can increase their majorities in Congress. Watch for the likes of a Mendoza to pedal HARD (false aguement) that an illinois DESERVES more because its a DONOR STATE..a pension debt free Wisconsin be dammed. Social equity for who??