-- 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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Just add this article to the list of reasons why the pension sentence added to the Illinois state constitution on December 15 , 1970 should be repealed in its entirety by constitutional amendment.
You mean the employee would have to bear the risk of poor or good investment returns? They’d have to fund their own retirement? They’d have to make their own decisions? Really? No way they’d want off the taxpayer gravy train!