-- 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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No matter what happens the taxpayers, will pay for it. Average Retirement Social Security Check is far less than the pension payment. Average retirement age of a private sector worker is 67 or higher. Average retirement age of a public sector worker is 55 or lower.
Sounds fair to me.
It’s silly to compare pensions to SS. Social Security is a welfare program that has tricked people into believing that since they paid SS taxes while working they are entitled to a monthly check. Welfare programs are designed to pay you enough to just survive. That’s why we constantly hear that SS wasn’t designed to retire on alone. Whereas a pension is designed to provide a percentage of your paycheck for the rest of your life to allow you to retire with a similar quality of life. Pensions are also legal contracts unlike welfare programs that can be changed if… Read more »
SS is FICA and is an insurance program. Pensions are welfare for lazy unproductive government sector workers who would not have a clue how to save money for retirement on their own. Look at the productive level of the education system. A complete failure by any measure.