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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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Two weeks ago I was on a chicago bus, and this is a true story, the middle aged lady in front of me was reading her pension payout pamphlet from the state. It wasn’t clear which union she was in from the paperwork, and I just glanced, but I was able to see, because it was in a large font, that her yearly pension was $112,000 a year, and then it had 2020 payout of $116,000, then 2021 of about $120,000, and it stopped at 2022. After reading this Wirepoints, I am well aware that $100,000 a year pensions are… Read more »