-- 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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Another chapter in The Illinois Pension Scam, which is a State sponsored, state constitutionally protected Ponzi scheme in which taxpayers are responsible for 100% of the unfunded liability.
The unfunded liability is the shortfall in the pension fund as of a certain date as calculated by an actuary given assumptions both in state laws and determined by the pension funds (future investment rate of returns, future salary hikes, retirement age, years of service, accrual rate, members age at death, likelihood of suffering a disability, etc.).
Scam indeed Mike, period. Illegal. As a taxpayer I object.
Such blatant disregard for the rule of law, and fairness.
Lets all pray for an intervention.