-- 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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We now know that anyone with assets of over $4 million would be considered “extremely wealthy” in Illinois.
this includes savings, retirement defined contribution $ along with non cash assets.
Currently the cash value of a defined benefit pension that passes to an heir is not taxable in the same way as are defined contribution assets.
Seems unfair.
Do we have an estimate of how many in the state currently reach this standard of “extremely rich?”
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