-- 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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His plan: rob Peter to pay Paul. Did anyone tell him it never works. How about cutting wasteful spending and political hires?
Turns out it’s a lot harder to “first, get the money” than they thought.
Pension costs are so high and so unbalanced they will likely never get paid. All the money the taxpayers have is not enough to pay for the huge generous pensions paid at young ages with 3% annual increases for 30 plus years. Greed is good.