-- 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
I said this a long time ago. Soon teacher union contracts will stipulate. You can retire the same day you fill out your application. Here in Rockford on the news last night school district 205 are discussing giving new teachers some sort of free housing for 10 new teachers as long as they work for the district for 2 years. Don’t know the details yet but will try to find out. They are so generous with taxpayer money. Next they may offer them new cars with free gas from the union pumpers.