-- 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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Old Joe remembers when yhe Michigan Lottery started in the early 70s. Tickets were only 50 cents and the whole program was sold on the assumption that the schools would never be hurting for money again.
The end result was it allowed teachers to retire in their mid fiftys with health care and 3K a month.
The LOTTERY is a regressive form of taxation. nothing to be proud about
It’s voluntary so it’s easily avoided.