-- 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 already has more than $140 BILLION in unfunded pension debt. The argument that Tier 2 needs to change to be more like Tier 1 and social security is a flat out lie. Tier 1 pensioners can retire at 55, and 62 with full benefits and a salary average of the last 4 years. Tier 2 has a retirement age of 62, full benefits at 67 with a salary average of the last 8 years. Pull first responders out of the equation because they risk their lives, but the teachers, post office workers, assessors offices, DMV employees are paid handsomely… Read more »
It’s all a grift to loot the treasury. None of them have any loyalty or civic pride in Illinois. Few of these people want to do the right thing. Everyone one of them, as a class of leeches, says “I want as much as I can get even if it collapses the entire system”.