-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
This is insane. It needs to fail before it can be righted.
A broken pension system that has been used for decades to induce the working man to vote for the politicians who created and underfund it. And now the Chumbolones get the bill again for this utterly incompetent stewardship. If this were a private company, people would be going to jail and having their personal assets seized.
100% inflationary
Every time a governing body touches anything it fails. Stay out of our lives! If a business fails ,it fails. If a union organization makes poor decision and fails , It fails. The reason we become poor is that our money is siphoned off our income.
The poor honest hard-working taxpayer who makes less than the rich pensioner should subsidize the rich. Steal from the poor and give to the greedy pensioner. It is the Democratic way. This is the reason people are fleeing the democratic states and going to the republican states.
That’s half of it – the other is the union bosses giving kickbacks to connected Democrats. I suppose some establishment Republicans will also get their small cut.
No reforms required – just force the taxpayers to give a bailout to the union bosses. The establishment Republicans were fine with this.