-- 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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Mike Antonucci summed the Janus impact: “For a member, doing nothing resulted in remaining in the union. For a fee-payer, doing nothing resulted in becoming a non-paying nonmember. Will such inaction continue? Yes, to an extent. Current members are unlikely to resign in any great numbers. Over time, however, they will retire. The burden will be on the unions to recruit new members in the same percentages as they enjoyed pre-Janus.”
https://www.the74million.org/article/union-report-one-year-later-its-clear-the-janus-effect-is-not-yet-what-either-side-had-hoped-for-or-feared/
union parasites still sucking blood from workers, providing zero in return