-- 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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Pensions will be the cause of the downfall of Chicago and Illinois. The numbers are so out of line they can never be paid. Pension costs are destroying the quality of living for most Illinois citizens.
Texas and Florida here they come. I sure hope they do not bring their politics with them.
The Dorothy Parker of actuaries. Style + Substance.
Thanks! 😉