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.
Poverty is based on mostly earned income in this case $14,580 but what is not mentioned is the VALUE of unearned income. Child care-food stamps-subsidized housing and many other freebies. The value of those are substantial but are not factored in. If everyone pays for my daily needs I have little use for cash.