-- 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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“Many Illinois nursing homes, however, are challenged by low payments from Medicaid.”
If you live your entire life, and can’t be bothered to save a two nickels to pay for yourself in old age, and ultimately become a burden to your family, the tax payer and the rest of society, I say: too bad. The moral hazard here is too great to ignore. If the government will take care of everyone in old age, then no one will do anything to take care of themselves in old age.
The best reason of all for one to retire elsewhere.