-- 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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NO NO NO
They are not UNDERFUNDED.
GET That damn idea out of your heads.
They are OVER PAID.
Cut the tax burden in Illinois to 10% of what it is now and cut all pensions in half.
You over committed to these people.
You let the Unions run the freaking state into the ground.
Are you really that stupid to think this is a funding issue?
You are wrong on this and have been for 50 years.
In case there was any doubt that public unions run this state…