-- 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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If jbs pension consolidation bill flops, which it looks like it will, can jb/the machine point to any other long term structural changes they’ve made to help out us taxed to death chump voter/ homeowners? or I guess all we get is some temporary arpa covid $fund$ doggie treats to dupe us dullards into voting for Amendment #1.
Too many actuaries, pension lawyers, CPAs and trustees feeding at the trough, not to mention the investment managers and consultants. And the employees/unions like negotiating with managements who are co-opted by their own compensation and pension greed. Unions, being protected by law, are empowered to be rent-seekers just like any liquor license board or zoning board. This is how most governments evolve and those who benefit are both shameless and fundamentally invulnerable. The usual rules do not apply and about all we can do is rage. The media have generally been bought off so most rage is ventilated into winds… Read more »
It’s more convenient to have all the funds located for easy access. Consolidate all the pensions for stealing without much effort. Anything done by Democrats is immediately suspect.
Never trust a politician
Never vote Democrat
Maybe the holdup is if all the crazy # cop & fire pensions consolidate under state takeover than any future pension/benifit negotiations will have to be negotiated w state and not locally?
Looks like we need a Pension Merger Task Force ASAP.
They all patted themselves on the back over this too. Great job, team!