-- 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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The only way not to pay $2,796 per year is Flee the schitt hole of Illinois. Many Chitty of Chicago cops go to Punta Gorda to live the good life.
Many, many get over $100,000 per year with 3% annual increases. They do not pay any State Income Tax. The very people who created this huge problem are doing nothing to help solve it. All the cops and firemen spike their pensions at the end of their short career. Add a bunch of overtime sleeping on the job.