-- 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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Who will pay? More importantly, who decides that for which payment is required? And who DELIVERS it? For 50 years people waxed in the belief that “we” could afford to ameliorate all the ills of the world. “We” could cure cancer, provide unlimited medical services, end warfare, feed all who could not (or would not) act to feed themselves, or provide a “dignified” life (whatever that subjectively entails) to all, regardless of their own actions or just bad luck. This resulted in high-sounding, emotionally-satisfying pledges to provide all manner of benefits and services to people, especially children, and no one… Read more »