-- 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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Pigs get fat, hogs go to market
All of these pensions are criminal. Greed at its finest. Been going on far too long. Bill Zettler with Champion News (No longer around) wrote his book and was sounding alarm bells more than a decade ago. Negotiating their own outrageous pensions, salaries and benefits behind closed doors without the consent of the taxpayers footing the bill. The whole system has operated like a criminal enterprise from day one. They should all be charged with fraud and abuse of taxpayer money. But not going to happen I am afraid.
Only in Illinois
Wyllie’s pension is only half of the largest pension in Illinois. That distinction goes to Leslie Heffez (Better government association) website. He was in SURS state retirement program. Leslie Heffez $635,122.80 pension (2020) 30 years of service $763,359.84 final salary 2012-03-01 retirement date. I don’t agree with the article completely because local taxpayers may have funded his contributions via details in his contract which are not made public at the time of negotiations. It could have been total or partial pension pickup. Who knows? The property tax payments made now are for services rendered today including pension pickups if any… Read more »