-- 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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Illinois municipal pensions are underfunded and about to run out of money, something that would get jail time for those responsible for managing these pensions. The political animal solution?
Pay out more.
Thieves. All of them.
The largest generational theft in the history of the World.
So they can retire at 55 with full pay, how about 67 and full pay which is still better than the people actually paying for. The state needs to fight the courts to get ALL state employees on tier-2
They don’t get “full” pay. Stop spreading lies. They also fought this in the courts ALREADY and lost. Everyday you offer up these ridiculous suggestions that aren’t legally allowed on top of showing off your complete ignorance of the situation. It sounds like you need to listen and learn about the problem before offering your knee-jerk illegal solutions.
“Full pay” is a false statement. IL governmental retirees always retire at some discounted average of their highest pay as an active employee unless you can be specific cases known to be otherwise. In general the younger one becomes a retiree the greater will be that discounted retirement annuity. Words mean a lot. Please be more careful how you use them so as to portray things honestly.