-- 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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Makes sense to me. Who in their right mind would stay here after they retire ? No matter where they get their retirement from. This is not even a new phenomenon. Good for them and happy retirement !
I’ve heard that Tennessee has entire communities filled with central and southern IL ex-pats living off their state pensions. They have pontoon boats on the many lakes and rivers down there.