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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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Oh No! Another grand plan from Lori goes nowhere! Maybe she has extra time since she doesn’t do anything about anything. Her standard response is to throw money at the community. She surrounds herself with people who can’t figure out how to open a door, but they got nice nails!
How short are we in the city of Chicago? It seems we have an expensive blueprint. Another news agency can’t articulate where we are but throws out a lot of numbers. Looks bad!
I thick for general public (me) the problem with fed covid relief spending by city or state is nobody has any confidence the gigantic sums are being spent as intended or aren’t simply going to gigantic salaries, gigantic ot, cronyism, fraud, etc? Or that all the gigantic sums go to anything tangible–$16.25 million to fight gender violence, what’s that? No new big physical projects are being built? No tangible evidence of progress? Just dish out the $ to nonprofits or city agencies for a lot of airie progressive platitudes about fighting vague notions of systemic inequalities bs with apparently ZERO… Read more »