-- 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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Does it really matter what the returns ( + or -) are for any pension fund when in reality the taxpayer is perpetually on the hook for them? How do you ever get fully funded when the account is drained dry from Tier 1 retirees before 2006 who could spike to the sky without penalties now 6% again/pension management fees regardless of returns/end of career salary hikes and promotions/misappropriated pension money “Diverted” to some political pet project or where ever and so on. Even if any fund is 100% funded are taxpayers off the hook? Never! How many of our… Read more »