-- 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
Perhaps now that the firefighters got their coveted pension increase, which no one knows how it will be paid for, they can get their retired members in Punta Gorda and Lehigh Acres to scope out used equipment and donate the equipment.
If pension cost were not so high, there would be plenty of money for lots of stuff.
Annual pensions likely around $75,000–$105,000, with automatic 3% annual cost-of-living increases. This is starting at age 40 to 45 years old, the pension will be paid for over 45 plus years.
How about starting with the $500,000 to fund the politicly motavated reparations committee.
“Johnson said at a news conference on July 22. “We are going to continue to work to update our equipment. But again, it has to be attached to a commitment from all of us to have revenue, which will allow us to do that.”” Hmmmm. A source of revenue did not seem to matter when settling with the CTU on a contract. It might also be mentioned the Chicago firemen have been working without a contract for four years. What do you think the back pay is going to look like when they finally do get a contract? Throw in… Read more »