-- 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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There is an adage that goes: “build it and they will come”. This is the exact opposite of what is needed. Al you will do is increase the number of poor people infecting Illinois and Chicago in particular. At that point it will become a taxpayer funded benefit.
Why stop at a basic income? How about a basic pension? Every man woman and child in Illinois should get at least $50,000/year starting at 1st grade and on. That would stimulate the economy. The big banks received hundreds of billions from the Fed’s. Who will pay for this? The Rich of course!!!