-- 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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2+2=5 yes
He had a congressman write a not to the federal government suggesting that the state needs extra money over and above the Covid event. The pension money SHOULD NOT be included in any money that the state if Illinois receives. Illinois is corrupt in many ways.
So any money that the state receives in the form of the bailout won’t go to pensions? No problem. They will just use bailout out money for other expenses and just use tax dollars they collect within the state for pensions. You can’t fill up one side of a bathtub.
What if the state took the pension bailout money anyways but used it for other things, like raises for state employees? That’s not out of the realm of possibilities either. These people can’t be trusted.