-- 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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If I were a pension entitlement holder, I would have zero worries about collecting my entitlements until I die at 130% of actuarial median predicted mortality age. Florida, Tennessee have better quality healthcare provision than Illinois, and Illinois taxpayers are bound to pay for those entitlements, no matter where provision occurs. It is predictable that Pritzker and Franks and Political Class with Family Bank access will buy up all Illinois real estate liens at pennies on the dollar…with taxpayer loaned, 35-1 leveraged dollars. When these organisms own all Illinois property, including farms, they can decide what is most profitable to… Read more »
The morons think money grows on trees. Democrats!
Ironic the argument is to forget the kids, but remember their money. The true IL way.
Excellent article. Those who advocate for simply raising taxes should take note. Increased taxes can only be extracted from a tax base that still exists.