-- 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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“If you do that and crowd out essential services and infrastructure, you are going to wind up losing population, corporations and losing your tax base,” he said. The only people who will be hurt are the politicians, public sector workers, and the other various forms of welfare tarts who leech off the rest of society. It is appropriate that a state like IL lose population, the productive elements of society, and businesses. That is the market at work. It is called choice. Let me be clear, public sector worker do not deserve and have never earned their rich combination of… Read more »