-- 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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The situation is even worse than Dennis said. He didn’t even mention that the state of Illinois is already paying pensions of more than a half million dollars per year. And each of those will be increased by more than $15,000/year—EVERY YEAR. County and city pensions are close behind. ITS UNSUSTAINABLE AND EVERYONE KNOWS IT AND NO ONE IS DOING ANYTHING ABOUT IT.
Tom Berry
“What does it tell you that Byrne, a lifelong resident of Chicago and an op-ed columnist here for 30 years, would prefer to risk living in Florida’s Hurricane Alley?”
Good job, elected officials of Illinois.
All those who don’t have a place in the progress utopia must leave. It is necessary for the transformation of the state.