-- 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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Will the taxpayer get a pension holiday? Simple answer is NO!! We will still pay thru property and other taxes but the money will be “Diverted” to something else. Down the road we the taxpayers will be stuck with even higher deficits. When will the taxpayers band together and say Enough is Enough. Throwing money into a bottomless pit if insanity. Too many of us are forfeiting our retirements to enhance someone else’s. Will probably be moving soon.