-- 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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Thug unions run Illinois. Greedy government workers benefit from the thugs. This is never going to end till the state goes broke (and it will). Wonder why people are fleeing ASAP?
This is just one more reason to leave Dodge.
Of course incentives matter, but that does not excuse the union’s egregious behavior. Can’t fault the unions, they were only responding to the incentives offered? The prospect of deriving benefits by extortion is always an incentive. That doesn’t mean that those who eagerly respond to the incentives are blameless. It still means they are guilty of extortion.