-- 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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Indoctrination on a budget. The taxpayer likes!
Because the state SURS contribution in 2002 was only $250 million and in 2021 it was $2.1 billion. Of course, the state could’ve contributed more to the pensions in 2002, but then operational funding covered by the state would’ve been much less than 72%.
Does Ralph want the pension systems funded or not? Sounds like he doesn’t.
Gee, Ralph, ya think that all the money spent on government employees pensions might have been used for education? And less money also spent on infrastructure and social services? Gotta fund those pensions, forget everyone else.