-- 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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Here is a valuable lesson plan: calculate 20 year differential to household net worth between Illinois collar county living and living most anywhere else in America:
When property taxes take 9% of household income (compared to <4% all over America);
and property tax rate differential is factored in to Illinois home price devaluation at 2% annual rate.
Illinois teaching financial literacy is like Jeffrey Dahmer cooking for his neighbors.
I’m sure in “keep um down on the farm” Illinois teaching the kiddies the differance between accural accounting and the scam of government cash accounting would NEVER-EVER be part of any state approved financial literacy curriculum…
There have been many articles written about stable secure homes promoting self discipline. Self discipline is the key to financial and life success. Dangerous areas of the state donor have stable homes and high cost government programs will never solve anything.
How about adding this. Stop thinking of your income tax return as a gift from the government. Stop using savings accounts for long term saving. The subject of financial literacy is wide and deep and too important to be trusted to the Dolts in the teachers unions!
Financial literacy in 5 bullet points:
1) Pay your bills on time
2) Don’t take out payday loans or title loans
3) Don’t co-sign anything for anyone other than your spouse. Ever. For any reason. Don’t ever do it.
4) Don’t spend more than you earn.
5) If you can’t afford it, don’t buy it.