-- 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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Look out a huge tax increase is coming to fund this. It has to happen, no other way out it. The only way for the taxpayer is to flee like hundreds of thousands of others have already. Such a shame the government is eating up the taxpayers and their families.
With regard to cc Teir II pension benifit changes, what exactly are the changes to pension benefits in HB 2352? Just minimum benefit increases to meet ‘safe harbor requirements’ and nothing more? What are the limits in benifit increases? Or is this bill opening the door to unlimited increase in pension benefits? Also, articale states bill allows for other tax revenue sources besides prop taxes to meet required pension payments but doesn’t state if there are any limits on what those sources are. YIKES!!!—“HB 2352 requires actuarially based contributions to reach a 100% funded ratio in 30 years. Cook County… Read more »