-- 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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There is no middle class. There are the haves and the have nots
The article fails to identify the source of funds, so some of the very same people the bill would help will no doubt pay for it. At 500% of the Federal Poverty level for Illinois the income level for a single person household is $78K, for a two person household it’s $106K, for three it’s $133K (all rounded to nearest thousand). At those income levels, it’s simply wealth transfer or increasing disposable income to buy more IPhones, restaurant meals, etc. The bill sponsor must be facing an strong democrat candidate and thus must propose more free stuff to buy votes.… Read more »
Again sucking up and adding more debt to the UNBALANCED BUDGET.