-- 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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When Dems/public sector/IL legislators mention the word “fix” or “reform,” the IL taxpayer almost always gets screwed. In a normal setting, those words have positive connotations.
No even tier-2 allows people to retire at 67 with FULL pay vs 55, how many NON government union employee’s get even that! Not exceeding SS, on what planet?
What the state needs is meaningful pension reform. Public pensions should be in line with private pensions. Dems are using public pensions to buy votes at the taxpayers expense.
Shocking news coverage of Tier 2 “fix” gets relegated to a couple editorials….as dopey taxpayers/homeowners are about to get epically screwed.