-- 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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Even if he’d NOT been a sexual harasser, this end-of-career paying for unused vacation days and unused sick-days is outright thievery, taking from the taxpayers. Then to add double or triple thievery, the extra pay is counted for purposes of making his pension larger. If his pension is $140,000/year and if it increases with COLA……..it would take any of us at age 63 roughly $3 million to buy a pension that rich. Hopefully, for the sake of taxpayers, the state pension plans will run out of money in the next 10 yrs, and then they’ll be forced to become a… Read more »