-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Illinois public universities need a full fiscal colonoscopy — first step will be to fire all the do-nothing diversity staff
From the article “ Polling reveals the majority of Illinois voters want pension reform today to lower the state’s nation-leading tax burden.”
That’s an interesting comment considering on election day the same old usual politicians are re-elected. Perhaps their iss a flaw in their polling system or the voters that they polled are too lazy to actually go vote…or both
= Back in 2009, only 14 cents of every higher education dollar went toward faculty pensions. Now, those payments consume a hefty 43 cents of each higher education dollar spent by the state.=
Do not doubt the data. But are all other agencies in the State in the same situation. Or are only the universities having to pay out pensions costs out of their own budget. In other words are State Cops, Welfare Depts, IDOT etc. pension costs out of their budget or are the public universities uniquely targeted.
Real question. Does anybody KNOW the answer.