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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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The article reads like parody of the most rarified sort…unfortunately, this is *real*…
Hmmmm..Is it just me? How did all these imbeciles suddenly acquire a pulpit for preaching drivel about extracting assets. Like the city ignores them! The city that gave them a free mountain of concrete debris back in 1996. Nearly the entire Dan Ryan was dumped at Roosevelt and Kostner equivalent to 13 football fields, 60-70’ high.
I think they mean TIF. While I believe political corruption is agnostic–it crosses all lines of race and sexual preference and party affilition–the impact of TIF corruption appears to hit socially downtrodden neighborhoods hardest. TIF in Wealthy areas of Chicago created artificially low EAV, which in turn earned them unmerited ratios of State school funding. All TIF- generated taxes (substantial amounts) dissappear in a caudal-cephalo direction, while non-TIF residents are forced to subsidize 35 years of social service provision spending and attendant inflation for benefit of TIF free-riders. (When TIFs were nearing expiration they passed the school finance”reform” act which… Read more »
A glimpse into the minds of the seriously insane. This is what we are told is innovative thinking these days.
What resources were extracted? Huh?systemic racism.?
Funny, I was just going to say the same thing. In fact, the only thing that was ‘extracted’ during the 2000’s was the theft of home equity by members of their own community, which resulted in massive foreclosures, vacant homes and eventually vacant lots. Where did all that money go? It wasn’t suburbanites in Niles taking out six figure refinances on two flats in Austin….it was the neighborhood itself extracting the only remaining asset of any value in the neighborhood through mortgage fraud, straw buyers and straight up quitclaim deed theft. Cook County makes people give their fingerprints when they… Read more »