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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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Really people, the political system has been leaking a little money from the pension funds to reward political insiders with “placement fees” and money managers have probably been required to pay to play since pension funds came into being. I wouldn’t be surprised if the money managers’ fees weren’t sweetened at the pension funds’ expense to allow them to show their gratitude for the business with proper political contributions. Also legislating special pension or other deals in exchange for union leaders’ silence as their members’ pensions are jeopardized by these and other nefarious practices seems to have been sometimes expedient.… Read more »
There also needs to be forensic investigations into certain suburban school districts, hey valley view 365u