-- 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 pension systems are going to collapse and then bankruptcy; it is very obvious to anyone with a working brain at this point. Illinois will force the federal government to allow state bankruptcy. Math plus reality equals pension reduction in Illinois, and soon.
Yep. For those lucky slobs who made it through most or all of their retirements courtesy of the abused taxpayers: congrats, you won because of the greed of politicians and unions. For the rest of you: start budgeting accordingly.
Those pensions are a first mortgage on all Illinois privately held real estate. One might do better to budget owning a home in another state.