-- 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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Rats jumping from the sinking ship
Who needs judges if you do not file any criminal charges? Anyone know how much their pensions are and at what age? They get paid to leave the job, sounds crazy but that is the Illinois way.
Judges max out their pension at 20 years of service at 85% of their salary. There’s really no benefit for a fully vested judge to work beyond the age of 60 except for being referred to as “your honor” in social circles.