-- 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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But doesn’t Alaska’s Permanent Fund derive its money from lease payments made by the oil companies? Wouldn’t residents be considered the oil companies under Pawar’s plan? And wouldn’t the dividend just take money out of the water or general funds? How is it replaced?
And when Pawar claims “we” have 21 percent of the world’s fresh water, he’s claiming all the water under the Great Lakes Compact that includes 8 states and Canada. Do they get a dividend as well?