-- 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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Will those who collect payments be asked to sign a release that will bar future claims by their descendants? Or can we expect reparation claims every few years? What about “equal protection of the laws” for those who don’t get payments? How much has been set aside for “victims” and relatives of the officials who hand out the money? Is there a plan to study the effects of reparation payments in the future? (In other words, was any desired effect such as wealth accumulation or property improvement achieved?) Do the costs of administering the program exceed the reparations to be… Read more »