-- 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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Shortchanging the pension funds has been going on for years and the consequences of that are why the funds are in such bad shape. Miss a $100 million contribution and miss 30 years of compounded interest which ends up costing hundreds of millions. The state, counties and cities have caused the problem but they blame the retired people for the issue. Politicians are playing with peoples lives but then again did an elected official ever care about anyone except themselves?
Here’s a potential revenue stream for Chicago–Shade Poles. If you need some shade drop in a quarter.
https://www.yahoo.com/news/los-angeles-ridiculed-life-changing-050000601.html