-- 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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Illinois has a pro public sector unions and pro government climate. Taxpayers and business exist to fill the trough for these pigs. Everyone else can go pound sand.
Public sector unions are rentiers: a person who lives on income from property or securities. Except instead owning of property or securities, members of public unions own the government. They can’t be fired from their jobs, they can shut down the government if they refuse to work, they get paid to not work, they get paid AFTER the stop working (pensions).
Sounds like the public union members are in control here, extracting rent and income from the rest of us.
Crooked Corrupt Unions In Illinois Are Kryptonite To Job Creators