-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Same thing here in Rockford. Salaries for many are in the $100K plus area. Park district is losing money and have plans to cut services and maybe close some golf courses. In the meantime the previous park manager at $164K (approx) in 2014 jumped to $246,447.58 in 2015 ( which is probably a pension spike) then $166,695 in 2016 then $93K in 2017 – retired and wanted to come back as an consultant but received public backlash. Pension data N/A yet. Local school superintendents doing same one getting about $170K pension and working somewhere else. Pensions should be suspended if… Read more »