-- 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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All pigs are equal, but the Public Sector pigs are more equal than the others
To clarify the comment: “Today, Illinois serves its Public Sector Union Leaders first, its Public Sector Union Members Second and the people never.”
It should be “Public Sector Union Members by order of seniority”…Unions ALWAYS throw their junior members under the bus to protect senior members. That’s why when layoff times come, senior members are protected while junior members get the shaft. In most cases, the junior members could all keep their jobs if the senior members would take a pay cut. But the senior members refuse, so the junior members get the shaft, and the Union does little to protect them.
True like different rules for Tier 1 retirees before 2010 and Tier 1 after 2010 and New rules for Tier 2 after 2010 and money is being diverted to Tier 1 retirees from Tier 2 which they are being thrown under the bus and they have good company because taxpayers have always been under the bus and are ultimately responsible for every Tier.