-- 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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“Increased contributions and a market surge have strengthened balance sheets …”
Uh-huh. Now, pensions aren’t woefully underfunded, just dreadfully underfunded.
The spin being put on this is utterly stupid and irresponsible. Oh great, we are “stabilizing” at $450 billion in pension debt,vastly more than other states, rendering it impossible to regain competitiveness. And that’s only iif we can continuing to increase payments on the ramp u