-- 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
Biden is the gift that will keep on giving decades after he’s pushing up daisy’s.
Future voters
One important fact this article does not mention is that the cost overruns in 2022 and 2023 were so serious that HFS stopped enrolling any new members in both programs. Since then total enrollment has dropped by 43%. Even so, the Administration decided to end the HBIA (age 42-64) program at the end of the current fiscal year.
It ain’t his money so fat boy don’t care. Let them rednecks and hayseeds from rural Illinois pay the price.
Cook County residents paying too even though we don’t agree. Preckwinle is just as bad as JB.