-- 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 PBGC is pure vote buying t its finest. While it is unfortunate for the miners one should consider that the pension is a UMWA issue and the union members should have simply elected officers that were more fiscally responsible.
This is something which has always aggravated me about unions. The rank and file members tend to put entirely too much stock in their elected officials who more often than not are cleaning up at their expense.
You’re welcome
Where’s the 401(k) bailout?
I feel bad for these pensioners, but that’s why their pensions are covered under PBGC. If they wanted better coverage, they should have paid for it: