-- 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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Lisa, the entire Gen Assembly are not adhering to the Illinois constitution. Please put them all (include the governor) on notice that the state police will be throwing them all in jail. They are not fulfilling their oath of office…
Why not borrow from the pension funds themselves (rather than from the reserve fund) in order to pay current state employees. Then the pensioners would have both a contract right AND a promissory note to collect on!