-- 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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Well, the just sell the Bulls. That really needs to be done anyway.
The solution is to let the pension system go bankrupt. Then reorganize the public pension system be reorganized to be like the private pension system. Then reorganize public pension system is not sustainable. Democrats will have to find another way to buy votes.
The funds can go dry and the state still owes the money. In fact, the pension funding level is more of a health indicator for the state than it is for pensioners. There is no “letting it go bankrupt” when it comes to state pensions. It’s sad this still needs explaining.
PPF,
You explained it perfectly.
Illinoisians, get the hell out of this fiscal black hole of a state. Taxistan as I refer to it.
In the 20 years since I voted with my feet my bank account is over $200,000 fatter because of my smart financial decision!!
This pension debt is the largest generational theft in history. The public sector has robbed children that haven’t been born yet. The public sector does not care who it robs.