-- 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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This petition is comical and shows the union’s hand. Increases aren’t limited to 3%, it’s the limit the STATE will pick up. School districts are allowed, as always, to award as large a salary increase as they want, only now they have to pay the WHOLE cost themselves (salary and pension spike cost) instead of outsourcing the additional pension cost to the state.
This petition is basically a request to continue the cover-up and keep the true pension cost as far removed from those who are directly responsible.
Why is it that the value of your property determines the cost of your local governments to you? All public taxing bodies are fighting to get more money from you for (pensions- salaries-heath care) The higher your property values the more they get. Last I checked there is no Net Worth Tax or total asset tax or even personal property tax. The 3% they lose to spike pensions should be given as a 401K private type plan not payable by taxpayers!