-- 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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Sounds like a lawsuit should be readied and filed immediately upon implementation of this program. Borrowing money from future tax resources to give away to selected people without any requirements does not sound legal.
Is there a Charter which defines the county’s mandate?
Hopefully the feds will pull any future money from this nonsense.
The Promise is to redistribute the wealth from working taxpayers to lifelong welfare recipients. Taxwinkle will make good on it.