-- 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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So they will pay us for our entire family to LEAVE Illinois? Finally a good idea. Wish that was the case.
Naperville and the State of Illinois have underfunded pensions and OPEB yet are expanding healthcare benefits, in this case, paid family leave.
And so the story continues.
Hiking benefits while pensions and OPEB are already underfunded.