-- 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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What ever happened to presumption of innocence?
This is a ruse, the state wants to know all things, so it can determine how to take more money from tax payers. Typical Illinois.
Not IL. It’s a federal law. And it is indeed a huge change. Up until now, ownership of private companies was private, sometimes for valid, good reasons and sometimes for pernicious ones. This could be really abused by a federal government as abusive as ours has been lately.