-- 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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Cliffed benefits are usually bad. Our office was moving from from the burbs to the city. If one made less than $x there was y% raise. ( i forget actual amounts, perhaps $50K and 3%)
I was making a few hundred above $x, so I asked for a pay decrease. I was refused a few times, but became enough of a pain, that I got the bump.
Government doing what government does best. Screwing up everything it touches.
They should give pensions to welfare recipients after 30 years just like any public employee.
Headline number should be 710,000.