-- 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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Look at this another way. A contract between a landlord and a tenant is not a contract if it CAN be changed by the government but a contract between the state and pensioners CANNOT be changed. If the state needs more low income housing they should build it themselves. Oh Wait! It’s called public housing.
Constitutionally illiterate Democrats are trying to abolish freedom or contract and freedom from government taking of property