-- 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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If I’m not mistaken estimated unfunded health care cost for future retirees and retirees were approx $73 Billion a few years ago. It is pay as you go every year. Take a look at Illinois Department of Central Management Services rates for healthcare insurance for public employees. Everyone in public service/workers/politicians should be on the ACA .If they want a better plan they should make up the difference in premiums. Of course they have Cadillac plans since the State kicks in most of the costs and that money comes from Taxpayers. On a side note Rockford School Dist 205 computer… Read more »