-- 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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So how much of their income in total are these degenerate teachers going to be able to shelter? And it is beyond inappropriate to refer to the plan as high performing; is their a guaranteed return? How can they say it is high perfuming when apparently it is subject to variations of the stock market. For example, this is little known but the longest period in time that is took for the stock market to recover its value is 26 years! Think about that, that is 26 years to get back to parity, which means you lost money to inflation.… Read more »