-- 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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The bottom line is pensions are still funded at about 25% of where they need to be and won’t be made whole for decades, if ever. If these pensions were to be made whole in say, 10 years, taxes would increase exponentially and the exodus from the city would look like a cattle stampede from an old western movie.
Squeezee the python gets a good laugh every time the “ usual gang of idiots “, pushes these pension stories out.
Without major pension law changes to reality the system is doomed. Squeezee wins!
No money for anything else the pensions take it all. Play all the games you want without the laws changing Chicago is kaput,
Gone, finito.
Does that have anything to do with the double dipping done by some??