-- 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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Can you explain the full actuarial pension discrepancy between the TIA and WP articles?
With links to documents?
“These actuaries say the amount required to properly fund the pensions is $14.5 billion, which is $5.2 billion higher than the amount included in the Governor’s budget.”
https://www.truthinaccounting.org/news/detail/illinois-budget-gimmicks-continue-we-have-an-opportunity-to-fix-them
“True actuarial pension costs would add another $4 billion to the budget, while retiree health insurance would add about $2 to $3 billion more.”
https://wirepoints.org/what-pritzkers-2022-budget-proposal-doesnt-do-fix-illinois-wirepoints
No rush.