-- 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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Sounds as though she’s trying to fix what she broke. Vote for a clown, don’t be upset when you get a circus.
That’s called making the full actuarial required contribution. It doesn’t require a new program.
Actually, her verbiage is very important into her future plans.
1. Paying additional money towards pensions may not be the full actuarial required contribution.
2. Prepay? Why use that term instead of saying additional funds for pensions? That leaves her wiggle room to stiff next years payment and tell everyone that she prepaid that amount the prior year. She can then say this prepayment saved money (investment gains if any) while also allow flexibility in the following years budget. Crafty.
Lighthead really is not spending more on cops. There are just fewer of them now so she can use the excess that she is not paying them where she wants to. She will probably throw it as some useless police/community outreach program to enrich her friends.