-- 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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New Jersey and Michigan have rewritten pension benefits. It isn’t impossible. Telling grifters how much they are still owed by taxpayers defeats the purpose when there isn’t the cash behind it. Better yet, go to a plan that requires contributions. Public pensioners need to take responsibility for their own retirement.
Illinois pension funding is a complete disaster for the taxpayer. The funding needed to keep up with the ever-increasing costs are impossible to be met by a normal working family. Pensions far exceed anything reasonable ($100,000 plus is now commonplace) for many years to come. Check out the data base and you will see it is impossible to fund this nightmare.
Home – Illinois Public Pensions Database