-- 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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Over a typical 30-day month:
With overtime, specialty pay, and seniority, total compensation can reach $100,000+, and in some cases as high as $120,000–$130,000, per official records.
30-Year Career, Retire at 55–Life expectancy for a 55-year-old male in the U.S.: about 26 more years (to age 81)
With 3% annual COLA, total payouts over that period could easily exceed $3.7 – $4.0 million.
Can anyone name ONE “concession” Brando has won for taxpayers in all the city union contracts awarded under his administration form CTU, to FOP, to Local 2, etc. (The FOP contract he “negotiated” astoundingly he offered them more than they where asking for!) And outside of a few low level CPS SEIU employees getting temporarily laid off from CPS, will even ONE collective bargained city, CPS, CTA employee get laid off from all those hired with now spent one time use ARPA-COVID funds?….ANSWER NO, NO, NO, NO…