-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
We are again being forced to realize that lifetime secure employment with COLA and early retirement and benefits until death simply can’t be sustained by our economy. For people whose expectations are being disrupted, we have job retraining and welfare and food and transit benefits to provide a bridge to a employment in necessary jobs. Teachers have proven themselves unnecessary by walking away during COVID. AI will make them even less necessary. They want to teach stuff that nobody needs or wants to know. Those with most seniority see the handwriting on they wall and so they adopt “policies” that… Read more »
Time to start calling these unions the Anti Student Unions.