-- 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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When I consider a purchase I first assess the necessity, then where the money to pay for the item(s) is coming from. Savings? Credit card? A gift? Perhaps legislators should ask themselves … where is the money to fund their latest, greatest idea is coming from. If the state can’t afford it, then perhaps it shouldn’t be considered. The state’s credit card is overdrawn. FYI – Illinois provides a tax-exempt per child stipend of $426-$511: https://cdn.mominformed.com/wp-content/uploads/2021/05/child-with-parents.jpg “The monthly payments are provided to meet the basic needs of the child. This includes money for food, clothing, transportation, and any personal expenses.… Read more »