-- 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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Where is the article? I want to read it. -Dick at dick@dickhaasmail.com
More garbage reporting. Expressing the problem as 26 million pensioners vs 300 million taxpayers is an attempt to make this a collective problem. Residents in NY are on the hook for NY state pensions; residents of NYC are on the hook for NYC local pensions. Residents of Indiana aren’t on the hook for either one of them, no matter how hard defined benefit pension supporters try to blur the distinctions between “promised to” and “promised by”.
Government always lies to the taxpayers.
Taxpayers were put on earth to be lied to and cheated.
Shut up and pay your taxes.
Don’t worry, the fat man is going to be elected president and shower Illinois with money
https://www.morningstar.com/news/marketwatch/202211091285/heres-why-you-should-be-worried-about-state-and-local-pensions
Where’s the beef? (article)