-- 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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The fierce urgency of NOW is characteristic of today’s politics and society. It seems to be the flip side of kicking-the-can. It’s typical of infants and children; too few adults (including those who govern others) have grown out of it. “Studies show that delayed gratification is one of the most effective personal traits of successful people. People who learn how to manage their need to be satisfied in the moment thrive more in their careers, relationships, health, and finances than people who give in to it.” Secure Choice is another example of expenditure of much time and effort and money… Read more »
IL encouraging particularly lower-income Illinoisans to open IRAs reminded me of IL giving lower-income Illinoisans rebates to buy new EVs. These IL pols sure understand the problems of their lower-income residents. Let them eat cake!