-- 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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This will finally be resolved with the twin bankruptcies of the State of Illinois and the City of Chicago. The courts will have to sort it all out. There will be no charges filed against the imbecile politicians that have criminally overpromised and underfunded these defined benefit pension plans for decades. The Chicago Mediots will focus on the women and minorities who will be trapsed in front of the cameras to show how heartless this mess is. It’s not heartless, it’s cashless, with all the hand wringing over nothing. Yes, the Pension gravy train will finally fall off the rails,… Read more »
Not to Worry the courts will sort it all out.
“What Me Worry?” Alfred E. Neuman
“Given how this pension working group is constituted, obviously, benefit changes downward or increased contributions from workers are unlikely.”
We already know how this ends – we’ve seen it before.
Da new Mayor will fix all of this.
NOOOOOOOT!!
Mayor BJ is a CTU sheeple.