-- 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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Don’t bet on it. How many Democrats from Chicago voted for JB. Some how some way more money will be diverted to Chicago. It always does always will.
Another block buster must read by Bauer–“43% of all public pension plans in the United States are Illinois”–unbalievable insanity!!!!
The 43% figure is probably bogus because it uses 1,511 public pension plans in the United States. The 1,511 source is a 2012 report by Marquette Associates for COGFA. “According to publicly available data, there are 1,511 public pension plans in the United States. With 657 public pension plans, Illinois has the largest number of public pension funds in the country.” In a December 11, 2013 report, Illinois Policy Institute calculated the 43% via division: 657 / 1,511 = 43%. https://www.illinoispolicy.org/illinois-has-43-of-the-countrys-public-pension-plans But Marquette Associates didn’t document the source(s) of the “publicly available data” in its report. http://cgfa.ilga.gov/Upload/Feb2012MarquetteAssocStudyforCGFA.pdf The US Census… Read more »