-- 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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I heard of people who had a planned furlough from their job for a week or so, and were still able to apply and get state unemployment benefits before heading right back to work. The State of Illinois is a complete joke.
Just the tip of the iceberg.
Yep. When I expressed concern over an increase in my pension affecting my benefits from the state ( I didn’t want to get a hefty fine for underreporting income ) the nice lady on the phone laughed and informed me “ There’s always more money! It’s nothing to worry about!”.