-- 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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The absurdity of the NEED to pass any legislation addressing this issue is GINORMOUS. Illinois is broke and the people in government and getting elected continue to pound on the table for more policies that will drive more businesses and people out of state. The real question is, “Will these pensions be paid at all?” Is it any wonder that the people drawing HUGE government pensions from various Illinois agencies FLEE THE STATE and live somewhere else where the cost of living is more reasonable? Illinois is horribly mismanaged and the above proposed legislation is just another example. Illinois is… Read more »
I do agree with all the ideas you’ve presented in your post. They’re very convincing and will definitely work. Still, the posts are too short for newbies. Could you please extend them a little from next time? Thanks for the post.
5 out of 9 senior administrative staff members are female. That’s infinitely more diverse than all the labor union boards comprised of old white men. Maybe we need legislation to “ensure that the racial and ethnic makeup” of the International Union of Operating Engineers leaders meets the same rigorous standards as our pension boards.