-- 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 constitution in Illinois prohibits unilateral pension benefits and to be fair I agree with that,” Martwick told The Center Square. “I don’t think the way to save money is to punish people that did nothing wrong.”
Glad to hear the second sentence above. For a minute, I thought the IL taxpayers were going to take another major hit to fund our favorite sinkhole (public pensions). LOL
It’s insane to view being forced to deal with reality as a form of punishment.