-- 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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How can the ordinary person save for their retirement when we are forced to pay for someone else’s? Extremely high property tax’s and a myriad of other tax’s plus untold more to come have diminished and impaired our ability to save for retirement. There is no “diminish or impair” provision in the Illinois Constitution to protect taxpayers retirement unless you work for the state. Is there a guaranteed 3% compounding for our savings accounts/IRA’s/401K’s? Nope! If there was a 1% cap on property tax’s and all state employees had their own 401 K’s and healthcare from Day 1 how much… Read more »