-- 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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The residents should ask. Where is the money going to? Did the school district get new contracts? Did more police and fire retire? Did the required pension payments get larger?
This is going on all over the state even with the billions the state received from the federal government and still not enough money.
“Where is the money going to?” C’mon Man, you know where it’s going. The public servants’ new mailing addresses in AZ, FL & TN