-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
“State Sen. Dave Syverson, R-Rockford, said people should feel secure.
“The good news is when things like this come to light it shows that the system works,” Syverson said. “If you’re going to break the rules, if you’re going to misuse the public trust, we have ways to find out and there are consequences.”
Really? The feds raiding the Transportation Chair’s home and office, after he alone is responsible for $100,000,000 in new taxes, and he still remains as chair of the committee, this is supposed to show me there are consequences? What is this person talking about?
There goes the alleged savings from the progressive tax if passed. Sooner or later it will be shifted to pensions “somehow” even though it is in a lockbox (Cayman Islands?) Probably under some emergency measure hidden in some obscure law.