-- 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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$250M divided by 13K is $19,230.76 per person or $76,923.04 for a family of 4 to live in a shelter/sidewalk/tents or tent cities. Here is some info on average income of a working family of 4 in Illinois. Illinois
Someone is making a boatload of money off these jumpers. The living wage family pays rent or a mortgage/auto payments/food/clothing/education/pay taxes and maybe a few $$$ for a vacation and more taxes. These jumpers do not pay one cent in taxes while the working stiff gets stiffed.