-- 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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The future is full of doom and gloom. The root cause is overly generous pensions that were promised so the politician could buy the public sector vote.
Overly generous pensions are unsustainable. There is not enough money to cover future cash flows. It is nothing but a Ponzi scheme, paying benefits with new contributions (PONZI).
Largest generational theft in history.
The old Illinois Revenue sharing fiasco marches on. Perhaps if people would have been against to begin with we wouldn’t be where we are…but I know politicians don’t lie blah blah etc.