-- 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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This article makes an excellent argument for why pensions should be eliminated. Let everyone who wants to invest for their retirement based on their political views have the freedom to do so with their own 401K. I can see it now, The Janus BLM Fund, Fidelity Social Justice and Equity Fund, Fidelity Anti Israel Fund, Morgan Stanley Green Energy Fund. We can throw some in for those right leaning government workers too, the Fidelity Guns Ammo and Military Fund, Morgan Stanley Refining and Coal Mining Fund and the Janus Private Prison and Border Control Fund. Why should the taxpayers be… Read more »
Excellent idea.