-- 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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Any elected official should be moved immediately to a 401K plan and be offered health plans available on the public market with a fixed contribution from the state while in office.
It is an incredible conflict to offer the legislators the same benefits as state employees.
Just like removing political control over legislative district mapping and term limits would reduce the incentives for the self interested governance we have in Illinois.
And it will never happen.