-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The City of Chicago no longer funds retiree health care unless employees signed up for a 55 and out program. Daley #2 cut retiree health insurance supplements and retiree health programs. Even when the retiree health care was run by the city retirees didnt get it for free, they had to pay monthly premiums that weren’t cheap ie $600 a month for a family, with deductibles on everything for each family member. City run health care was not cheap and the supplement was minimal.