-- 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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New spending programs while pensions are substantially underfunded is the norm in Illinois.
Goes hand in hand with legislatively hiking pension benefits while pensions are underfunded.
Which goes with hiking pay while pensions are underfunded.
Which goes with hiking current benefits while pensions are underfunded.
Which goes with hiking retiree healthcare benefits while pensions are underfunded.
Which goes with issuing bonds while pensions are underfunded.
All of which happen while retiree healthcare is unfunded or underfunded.
Don’t worry, the Central Planners have yet another government program to fix the problem.
It’s gonna be great.
Evanston has long history of SJW virtue-signaling. Interesting that a Black woman alderperson chose to veto this initiative, considering it to be “racist”, which of course, it is.
The dreaded “pitfall” REALITY keeps messing with their beautiful plans. Gosh, it sounded good in PolySci 101!