Two bits of good news, for a change.
Mayor Lori Lightfoot told the city’s bond investors today that she wants to “force a solution” to Chicago’s pension crisis, which she said is the city’s biggest problem and is “unsustainable.” “Springfield can’t keep doing things to us….[This is] a classic unfunded mandate, she said.” Details are in stories by the Sun-Times and Crain’s.
Yes! Forcing a solution is long overdue, and the buck stops in Springfield. Let’s hope she is serious and that the can-kicking ends. If she really wants change, she should be leading the charge for a pension amendment.
We will be linking to further coverage of her comments today.
Also, Chicago recently passed an ordinance requiring the city to provide monthly revenue reports. That information has long been hidden, which we and others have often complained about. Moody’s, the rating agency, cheered the new ordinance as well. No word yet on when the first report will be out.
-Mark Glennon
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.
My concern is that this is more useless rhetoric and posturing.
She has little power; her party doesn’t support her. To wit: she plans a 4th of July opening for Chicago; Pritzker is talking about June 11th.
Apparently her coordination with Springfield is flawed at best.
All-in-all she’s in an untenable position – too bad, I had great hopes for Mayor Lightfoot and the city.
I’m no economist but when a Nobel Prize economics award winner and any other economist that are breathing non-political air say… Stop digging declare bankruptcy ASAP it might influence my decision…
I (again not an economist) believe pension reform alone will not fix Chicago’s problem but I don’t see Lightfoot saying she supports the issue on the ballot. It’s that or blanket across the board cuts including firing perhaps 10-20% of all police, fire, garbage, you name it.
Let the people decide which.
Define “force a solution” and what exactly are you going to do about it. After hearing this I am reminded about the old Mark Twain line, “How do you know when a politician is lying? Her lips are moving!”
Her party is the problem. Good grief.
““force a solution””
ACCELERATE!
Of course, another way to force a solution would be to stop paying interest on bonds. That’s how things happen in the private sector.