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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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He’s actually a pretty good guy. Obviously knows minority politics in Chicago from the time he was three years old. And he is a moderate, family values guy. Probably can’t raise enough money to be a real factor in the race for himself, but Vallas ought to think about working with him somehow to keep him on the Vallas side. Rod can be a big asset in someone getting elected and in a high level position in a new administration, without bringing a lot of baggage to the table.