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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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CPS is a catastrophe. I wonder what the superintendent interview was like. We’ll pay you we’ll but you’re going to take a beating everyday for the mayors decisions. Your job is to keep the cat parade in straight lines. You own every bad decision. You’re paid well and contractually have 25 years seniority and a nice pension.
The new sup speaks with this thick Latinks accent but he grew up in Chicago, went to high school on the North Side, and then attended U of I and DePaul. Now, where exactly did he get that accent? My kid is still young but he is ready saying “ta” instead of “to”, “fir” instead of “for”, “tree” instead of “three” and just picks up the accent in the community. How did this new sup manage to grow up in Chicago but speak like he learned English in a private school in Argentina? The same place Elizabeth Holmes learned her… Read more »