-- 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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You can thank your Union for this. The same thing happened at Hostess. For every Jeep Cherokee that rolled off the assembly line, a good chunk of the total cost goes to pay union wages and benefits. The unions are continuously trying to negotiate for higher wages and better benefits. Having done payroll for the union employees at a large company, I can tell you that the cost of employing union workers significantly raises the cost of domestic made and assembled merchandise. That is why people are being replaced by robotics–robots don’t need constant breaks for coffee, smokes and the… Read more »