-- 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
Just plain old common sense from a business man who’s been around awhile. The same advice he is giving to companies considering Illinois could also apply to private individuals.
So many prime Buffet quotes in this article:
““If I were relocating into some state that had a huge unfunded pension plan, I am walking into liabilities,”
“who knows whether they’re gonna get it from the corporate income tax or my employees “that liability isn’t gonna — you can’t ship it offshore or anything like that. ”
“‘Why do I wanna build a plant there that has to sit there for 30 or 40 years? ‘Cause I’ll be here for the life of the pension plan and they will come after corporations, they’ll come after individuals. “