-- 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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Illinois is putting the USA label “land of the free” on steroids
So, for example, although we don’t have all the details, it seems an Illinois government retiree with a public sector pension of less than $61K (or any retiree drawing less than $61K retirement income), the child does not work, the spouse does not work, could send their kid(s) to college for free if they don’t have assets over $50K other than, for example, the house in which they live and their pension (or retirement account). Let’s say the government worker, a teacher in this example, began working at age 22 out of college, worked 33 years and exchanged 2 years… Read more »
So, who’ll make up the difference? Will professors and administrators get lesser salaries, pensions, or benefits? Oh, wait. I now remember who’ll make up the difference. Sorry for these stupid questions.
So once again they screw over those who are above average in order to subsidize and bolster the dregs of society. No wonder this state is a shithole. This is just yet another taxon achievers and a forced subsidy.