-- 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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Common sense says the obvious answer is YES financial literacy should be taught. Funny though….I doubt our elected “leaders” could pass the test.
I agree with Downstate cynic. Most politicians would fail. If you think about it how many elected or self elected (running unopposed) politicians are licensed brokers or financial planners or money managers yet the unions and union employees entrust (throw) billions of taxpayer dollars at them and they just pass the buck to Wall Street managers who make millions in fees regardless of returns. Here in Rockford Sen Steve Stadelman (D) was a TV news anchor so what qualifications to manage money does he have? This is true with almost all Illinois politicians. Bottom line is whatever financial knowledge (or… Read more »
Financial literacy is a good lidea.
Why start with students?.
I would start by having all elected officials, candidates and government employees at the manger level or higher pass a basic financial management tool designed for third graders. And post their scores.