-- 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
Public employee unions spend millions of dollars of member’s dues to elect and reelect Democratic politicians, who insure taxes intended to fund public employee union pensions continue to be used on other “stuff” to buy Democratic votes. Public employee unions are the foundational enabler of Illinois’ bankruptcy of finances and governance. When the “reality barber” finally starts cutting hair in response to Illinois’ insolvency, I’d have little sympathy for state employees who have relentlessly supported their unions, and voted Democratic, coming away from their pension-haircut bald. Problem is, it’s Joe-n-Jane private sector, who’ve never caste a vote in favor of… Read more »