-- 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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It pay to be Madigan’s stooge
The Illinois protected class screw over the real workers and taxpayers of Illinois every step of the way. They will have zero sympathy when Illinois eventually and inevitably becomes insolvent. The real workers will step over these gutter vermin on the way to their jobs.
Well, you look at people in a very closed-minded way, don’t you? Not so fast, Bubba. People first and fivemost act, think and behave as independent individuals, then they take on group like-minded group characteristics secondarily rather than the reverse. Some of your “real workers” are not prize citizens either.
That is a large pension by some standards, but not so much in Illinois.
Many people collect that amount or more. Do not forget 3% annual increases every year and widow benefits. The total payouts will just blow your mind. I know principals of High Schools that collect more and retired at age 58. Total payouts will be more than they made “Working”. Easy money if you get to be a government employee. I would like to know approximately how much money PPF will be getting and starting at what age.