-- 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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The unions refuse to negotiate claw backs of legislative benefit hikes to the Chicago Teachers Pension Fund.
But the unions were perfectly happy to lobby for and receive legislative pension benefit hikes while the pensions were already underfunded.
The same scenario applies to the other 18 pension funds in the Illinois Pension Code.
The legislators and union lobbyists conspired to rip off the taxpayers.