-- 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 teachers union and members knew of this problem for years. And the health insurance for retirees was just ruled as part of the pension a couple years ago. The Illinois Supreme Court is in conflict when ruling on pension cases because they same laws apply to them. To say just pay up and blame the legislators does not come up with the cash to do so. Much like unfunded state mandates that currently go on.