-- 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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But they are all irreplaceable and the world would end without them. Taxpayers should feel lucky we have them at such a reasonable price.
Keep in mind state employees also “earn” 5% of the cost of retiree medical coverage for each year of service. Thus, state retirees with at least 20 years of service pay nothing towards a generous retiree medical plan.
It’s impossible to keep track of all the taxpayer abuse in Illinois, but this example of no health care premiums for State of Illinois retirees is a whopper.
Another reason why PUBLIC unions should be illegal.