-- 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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Key statements:
“There will be no reform until crisis hits, and the sooner the better because those currently collecting unwarranted massive pensions are bleeding the pension funds dry.
The sooner the collapse, the more pension money will be saved for the average Joe.
Good pension reform would target excesses on the top end with a threat of municipal bankruptcy hanging over everyone’s head if the unions refuse to cooperate.”
That’s the facts in a nutshell. Complete financial collapse the sooner the better.
Like a drug addict need to hit rock bottom. Illinois is bouncing of the bottom….