-- 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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Pensions are excessive and paid out at a young age. Many public sector Vultures double dip and collect another paycheck and then another pension at normal private sector retirement age (67 to 68).
That’s one strong work ethic. Good for them. It’s their money and time and are free to do as they choose. America is truly the land of opportunity for those that are willing to work for it.
Pension programs aren’t complex in their idea. They are made complex by those who want to game them and for special interests. The fact that there are so many variations and complexities to this pretty simple idea just illustrates the level of manipulation that has been done to screw the Illinois Citizen and tax payer.