-- 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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It doesn’t matter what Illinois invests in or what the returns are. The taxpayers have guaranteed Illinois pension funds an above-market rate of return. All shortfalls will be made up by the taxpayers so all investments Illinois makes are risk-free.
Yeah–but the important thing for mr frerich & friends is that all the righteous $6-figure$ sjw public sector promised ones can retire guilt free knowing they’re hard earned pension $ are not destroying the planet….live the illusion at the expense of the majority and still call yourself believer in liberal equality?
Virtue signaling gets expensive…for the tax payer…
“Now, a state law in Illinois changes the landscape in the US and establishes Illinois as an early adopter of ESG legislation.”
Early adopted? Or feckless naive fools?