-- 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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Illinois taxpayers have guaranteed TRS a certain rate of return. Since TRS missed the rate of return so badly its time for taxpayers to pony up
Illinois taxpayers have done no such thing. They have guaranteed full payment of their pensions regardless of returns. If the pension fund runs dry the taxpayers guarantee that pension payments will be received. Rate of return is meaningless to pensioners and only matters to taxpayers.
they have done nothing.
They do not want to teach but they want a raise.
Nothing but a illegal Ponzi Scheme.
Tax payers will pick up the bill.