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Said Chris Davis, president of the Illinois Chapter of the National Federation of Independent Businesses, "It would put what is decided at the negotiating table ahead of state law itself. We're extremely concerned that whatever benefits are negotiated will then be constitutionally protected, and that legislators have abdicated financial regulatory responsibility.
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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Legislators abdicated financial responsibility when they allowed the removal of gold and silver backing to the dollar.
This bit of malfeasance is how we’ve ended up in this mess.
I remember when candy bars only cost a nickel. 23 skidoo