-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
These morons in Springfield have screwed up the pensions by skipping payments, not using actuarial calculated contributions, using an inflated discount rate and now want to f it up even more by not getting the best risk adjusted returns because of their allegiance to the scam green energy complex. You can’t fix stupid.
Invest my pension funds in whatever causes them to grow. I don’t think using the money for flying electric cars, unicorn farms or DEI mandated companies that produce nothing of value is going to cut the mustard, though.