-- 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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Sounds fair to me, how about to you?
The stupidity here is unreal. We as Illinois residents are in-fact chumps. This is the ultimate in graft and grifting. Not only is the pension program bent always toward the teachers and financially unsustainable, but now, not only do we pay for that, but also we pay for the “required contribution” the employee should have paid. WTF?
Close it. Fire them all. Declare bankruptcy. Leave it closed. No one will notice.