-- 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 patronage workers at the state of Illinois and Chicago and cook county have not been at work in a year. Why is this allowed? What about Secretary of State workers? It’s truly shameful and the gutless media won’t report on it.
The 55 year old retired public sector worker sipping a Mai Tai on the beach in Florida, drinking wine in their second home in Tennessee, reading a non banned book in Arizona, or enjoying a meal at a restaurant in Texas is doing well.
Just don’t tell anyone that every single salary and benefit hike to state pensions was done when pensions were already underfunded.
Because state pensions have always been underfunded.
That’s Illinois Pension Math Principle 1.
Oops forgot to connect the dots.
Dotted line from TRS, SERS, SURS, JRS and GARS to IDES.
Another dotted line from each to the state budget.
Another dotted line from each to the state CAFR.