-- 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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“There are 34,129 employees in the city of Chicago — not including teachers and school employees — and 46,749 retirees get benefits.”
“Of the 549 government entities under Cook County’s umbrella, 130 have more retirees than they do paid employees…”
“MWRD has 1,982 employees and 2,359 retirees.”
“For Glenview Public School District 34, it’s the state that oversees pension benefits for 1,170 retirees. Employees number 665.”
That is an elementary school district.