-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Here’s a guess why. The union is protecting the pensions of those already retired along with “their” COLA and health benefits. Plus perhaps protecting a few long seniority teachers who are about to retire. They are at or near the trough and feeding like there’s no tomorrow. And there may not be a tomorrow when the money runs out. The longer these “elders” can persuade those still in the pen that solidarity IS forever, the longer the gone piggies can consume what’s left. These are not stupid piggies. They understand what is coming and they want to acquire as much… Read more »
They don’t want to hear it. The truth about pensions interferes with the fantasy – nothing but clear sailing over that cliff.