-- 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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How will excessive immoral pensions be paid if water systems can’t be sold?
The sale funding not only funds municipal pensions it also provides repairs for the crumbling infrastructure of the water departments that has not been made due to the funds being devoted to pensions rather than repairs and upgrades.The increase in rates rates are more or less a backdoor tax needed to provide for pensions once again.