-- 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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All rebates work this way, when stores do rebates instead of sales they know less than half the buyers will apply. Those that do apply are most likely to be the stores most loyal repeat customers, so in a way it’s very fair way in business to give the sale to your most loyal. With government though it’s different, the “buyers” are compelled by law to pay, unlike buying some lumber at menards with a rebate. The taxpayers were duped on this one, any low hanging fruit is utilized now, your water bill is no longer for water and treatment,… Read more »
Well said.