-- 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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That also increases their lifetime pension – sweet deal … if you can get it!
Hmm, I wonder if Detroit would have had a better outcome with aldermen.
There is no pre election dilemma. They will vote for it and willingly grab the cash with a smirk on their faces, although they do prefer their cash in an envelope under the table.
For 50 people who did ZERO for the taxpayers of Chicago this year, they should get a 10 pct pay cut
The only alderpeople who will pass up a 10% raise are the ones running for mayor. All others will accept and maybe commit to not accepting one next year (when it’s smaller).
Remember, many of these alderpeople have no other skillset that will get them anywhere near their current alderperson salary. They’re gonna grab as much as they can, while they can.
Aldermen get to vote if they will give themselves an almost 10% pay raise. That’s like asking the wolves if they want sheep for dinner while the sheep wonder what’s gonna happen. Incredible.