-- 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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I agree but a contract to be legally binding ALL parties must consent. These behind closed door contracts are made between unions and pols. Taxpayers are not allowed in these negotiations yet we are required to adhere to the outcome. For example you and I could probably make a contract that we each get a new Tesla but the bill will be sent to Mark and Ted. Unless they sign the contract agreeing it is not legally binding. It would be nice if they would?? Basically we cannot sign away our debts or to a 3rd party (other taxpayers) unless… Read more »