-- 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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<recipient of large infusion of free federal cash> reverses decade-long fiscal tide.
“ Mendoza will press in the upcoming regular legislative session for passage of House Bill 5851 that puts in place additional triggers for future automatic deposits in both the pension and budget stabilization funds.”
I’m sure many here will support this. The state has been shorting pension payments and need to put more money into the funds. Quit running up the debt. Raise taxes if necessary. Pay more now or pay even more later. All the people against this just want unborn children to pay.