-- 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 inflated salaries for City of Chicago and IL workers is a big part of the problem of runaway debt heaped on the taxpayer, because the taxpayer pays those salaries as well as the inflated pensions from those salaries.
I’ve always known that the most talented and hard-working people go to work for the government. It’s no wonder those salaries keep rising — to keep all that talent from running out to the easy, less challenging private sector!
Funny they reached out for comment and no one commented.
The pensions on 100k salaries are gonna cost a lot more than that.