-- 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 Frerichs wants to encourage more retirement savings, he should promote legislation that allows taxpayers deduct from our taxable income $3 for every $1 we deposit into a 401(k) or IRA plan.
Is this news? Over a quarter of tax filers in Illinois earn less than $25,000 per year. I wouldn’t be surprised to see this many retirees living solely off SS.
Social Security will be next on the list of things Democrats want to use the “marginalized” test on to determine if you receive it.
We’ll probably be means tested out of Social Security until we’ve depleted most of our 401k.