-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Saving lots of money not having to pay Pensions. Other cities should look at doing the same thing with fire and police.
Even though double dipping is legal in Illinois how many retired police are collecting pensions and will work as off duty cops? They changed the law in Wisconsin but many who are grandfathered in it is still allowed but for new retirees it is not. You can get any job not related to your old job and get your pension and not be required to suspend your pension which is fine.