-- 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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The education system is all about money for adults. Great pay, great benefits, huge pensions at young ages. Education is not even on the list. The administrators milk the job for everything they can get. Make more money than most everyone could ever dream of. Pensions that Start at over $175,000 per year at age 50. Total cost well over $10,000,000 to the taxpayers. Most take the money out of state to live the good life where taxes are not so high.
Wirepoints has been documenting that excess for years, but Tribune and other media ignored us.
Because the Illinois media is a bunch of pussies when reporting against Illinois governmental waste.