-- 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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I am not sure of the average SS payment, but I am guessing that many suburban seniors are pay 25% or more of income is property taxes.
That’s probably about right for some, but SS was never intended as a sole source of retirement income. Those who thought otherwise suffer the consequences.
Springfield could care less
Retired and renting in Chicago?! How depressing.