-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Illinois needs a fiscal crash and burn — only then can the pension clause cancer be killed
This never works. Did Detroit revive after its collapse?
Nope, in fact I don’t think they’re doing real well right now. The only thing that happened to pensioners was the ones that retired too young for Medicare had to buy health insurance. A lot of them had a rude awakening as to how much gold plated benefits cost.
Wrong the pensioners had their pensions cut and no cost of living raises ever so do a little research
Should have mentioned that but if I recall the cuts were like 10%. The $1,000/mo health insurance premium was a killer for the 55 year old pensioner only collecting $30K a year.
Not quite. Some big developments down town and on the riverfront. Neighborhoods….not so much. In fact a good part of the community has moved to collar burbs. Population wise Detroit isn’t even in the top 15 now.
The sooner it fails the better off the taxpayer will be. Then we start all over again. It is not “IF” it will fail, it is “When” it will fail.