-- 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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Drop the right amount of cash on the desk of a politician and you can get anything you want, good, bad, or ugly it doesn’t matter. Pay to play should be the motto on the state flag
Hiking pension benefits, retiree healthcare benefits, pay, and healthcare benefits of active workers; while pensions and retiree healthcare are underfunded; in exchange for political campaign contributions (cash), political campaign assistance (GOTV, etc.), and votes; is the #1 historic pay to play scheme by Illinois politicians. Let’s play dumb and say the same politically powerful special interest groups (unions, etc.) were politically powerless to affect employer contributions to the pension and retiree healthcare funds by Illinois politicians during those decades of hikes. Less money to annual employer pension contributions meant more money available to hike pay, healthcare benefits of active workers,… Read more »
Hmmmm….the Daley’s, where stealing from Chicago is a family tradition.