-- 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’s common, tho not always just, for municipalities to regulate activities on private property. The only reason this made the news is that Dolton seems to have been remiss in notifying victims. I do wonder how many of these folks will show up for the next municipal election.
Now just who did you think was going to pay for the overly generous pensions?
The taxpayer pays one way or the other, ALWAYS!!!
The taxpayers should pay considering the taxpayers chose the leaders that offered those pensions. You go out to dinner and you need to pay when the bill comes due. That’s life PT.
Let them go bankrupt like anyone else who spends too much money.